LONDON Feb 21 European equities slipped in
early trading on Tuesday, with HSBC leading the
regional banking index lower after reporting a 62 percent slump
in its annual pre-tax profit.
Europe's biggest bank dropped 6 percent and was headed for
its biggest one-day fall since August 2015 after its results
fell far short of analysts' estimates as it took hefty
writedowns from its restructuring.
HSBC was the biggest decliner in the European banking index
, which fell 2 percent and put pressure on the broader
stock market. The pan-European STOXX 600 index was
quoted 0.2 percent lower by 0828 GMT.
Some other stocks also weighed on the market.
John Wood Group slumped 9.5 percent, the top faller
in the STOXX 600 index, after announcing results and saying that
oil and gas markets continued to present challenges and that it
remained cautious on the near term outlook.
On the positive side, InterContinental Hotels Group
rose nearly 2 percent after reporting a slightly
better-than-expected yearly profit rise, while both BHP Billiton
and Anglo American gained 1.5 percent after
their encouraging results.
(Reporting by Atul Prakash; Editing by Catherine Evans)