European stock markets traded mostly lower on Tuesday, with banks and drug stocks leading the decline. Comments the prior day from U.S. Treasury Secretary Timothy Geithner, who said the U.S. could hit the debt ceiling between mid-February and early March, also weighed on sentiment.
The Stoxx Europe 600 index fell 0.2% to 286.54, with shares of heavyweight Hennes & Mauritz AB rose 2.8% after comparable sales fell less than expected, while luxury goods retailer Burberry Group PLC jumped 6% after its third-quarter revenue report showed “strong” Christmas sales.
The German DAX 30 index fell 0.4% to 7,699.64, while the French CAC 40 index fell 0.3% to 3,698.26. The FTSE 100 index was flat at 6,101.87, with ARM Holdings PLC sinking 3.7%. A day prior, analysts at Piper Jaffray & Co. cut ARM to neutral on valuation.
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