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The European banking index led losses shortly after the opening bell, down 0.75% from the news on profits. HSBC posted the worst sector performance after Tuesday posting disappointing earnings figures. The largest bank in Europe also warned that the economic slowdown in China as well as Brexit uncertainties would create new hurdles in 2019. The shares of the London firm fell by 3% during the session in the morning.
William Demant, of Denmark, collapsed at the bottom of the European benchmark on Tuesday. This comes after the hearing aid manufacturer said that organic sales growth this year would be lower than market expectations. Shares of the company fell by more than 6% of the news.
HeidelbergCement, from Germany, climbed to the top of the index thanks to earnings news. The group ignored worries over trade wars and a potentially messy Brexit to predict increased demand for cement this year. The company's shares have increased by more than 4%.
Meanwhile, Japanese automaker Honda has confirmed Tuesday the closure of its car plant in Swindon, potentially losing 3,500 jobs.
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