European shares gain on higher commodity prices; HSBC weighs

Reuters

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    Feb 23 (Reuters) - European shares rose on Tuesday as strong
commodity prices helped outweigh mixed corporate earnings
updates, while British bank HSBC fell after it abandoned its
long-term profitability targets.
    HSBC Holdings  HSBA.L  dropped 1.3% after its annual profits
fell sharply due to the COVID-19 pandemic, while it unveiled a
revised strategy focused mainly on wealth management in Asia.
 urn:newsml:reuters.com:*:nL1N2KT077
    The benchmark euro zone stock index  .STOXX  gained 0.1%,
with energy  .SXEP  and travel stocks  .SXTP  gaining the most.
    Investors await the testimony of the U.S. Federal Reserve
Chair Jerome Powell later in the day where most analysts expect
Powell to reiterate the Fed's commitment to maintain a dovish
policy.
    German healthcare group Fresenius  FREG.DE  fell 1.3% after
it narrowed down its 2021 sales growth forecast and said it
would launch a cost-cutting program, while cement-maker
HeidelbergCement  HEIG.DE  dropped 1.2% even after preliminary
results showed core profit was up 6% last
year. urn:newsml:reuters.com:*:nL8N2KT10R urn:newsml:reuters.com:*:nL8N2KT11G

 (Reporting by Shashank Nayar in Bengaluru; editing by
Uttaresh.V)
 ((Shashank.Nayar@thomsonreuters.com; within U.S. +1 646 223
8780; outside U.S. +91 80 6182 2256;))

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