The statistics provided the growth of stock indices in Europe

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The composite index of the largest enterprises in the region Stoxx Europe 600 climbed 1.29% to 405.92 points.

The British FTSE 100 indicator rose 0.78%, the German DAX - 1.56%, the French CAC 40 - 1.86%. Spain's IBEX 35 and Italy's FTSE MIB added 1.86% and 1.11%, respectively.

According to preliminary data from the Statistical Office of the European Union, the economies of 19 eurozone countries contracted 0.7% in the fourth quarter of 2020 compared to the previous quarter. In annual terms, the volume of GDP in the euro area decreased by 5.1%. Experts predicted, on average, a 1% decline in GDP compared to the third quarter and 5.4% compared to the fourth quarter of 2019.

At the end of 2020, the eurozone's GDP fell by 6.8%.

Italy's economy contracted 2% in the fourth quarter after a record 16% growth three months earlier. Analysts had expected the country's GDP to fall by 2.2% in October-December 2020 due to the introduction of new quarantine restrictions.

The annual decline in Italian GDP was 8.8% - the highest since the Second World War. However, the country's government expected a larger fall in the economy - by 9%.

Consumer prices in France, harmonized with European Union standards, rose 0.8% in January 2021 on an annualized basis, according to preliminary data from the National Statistical Office Insee. The increase relative to December amounted to 0.3%. Experts on average predicted an increase in the first indicator by 0.4% and a decrease in the second by 0.1%.

Investors also evaluated the next portion of corporate reporting. British oil company BP Plc recorded a net profit in the fourth quarter of 2020 thanks to a one-time income from the sale of assets, but ended the year with a loss of $ 20 billion, having written off part of its assets in the second quarter due to the consequences of the coronavirus pandemic. BP shares fell 4.7% on Tuesday.

German power equipment manufacturer Siemens Energy AG posted net profit of € 99 million ($ 119.53 million) in the first quarter of fiscal 2021, compared with a € 195 million loss a year earlier. The company also announced 7,800 job cuts in its gas and electricity division. Siemens Energy fell 0.4%.

Swedish home appliance manufacturer Electrolux AB increased its net profit to SEK 1.86 billion ($ 220.7 million) in the fourth quarter of 2020 from SEK 560 million in the same period in 2019. The company's revenue increased by 5.9% to 33.9 billion kronor. Analysts surveyed by FactSet, on average, expected Electrolux to generate net income of 1.64 billion kronor on revenue of 31.9 billion kronor. Despite better-than-expected financials, Electrolux was down 0.5%.

The biggest drop in the Stoxx Europe 600 Index was Fresenius Medical Care, which fell 10.3%. The German provider of products and services for patients with chronic kidney disease reported that it has reached its 2020 revenue and net profit targets. However, the company expects a significant negative impact in 2021 due to an increase in deaths due to coronavirus among patients requiring dialysis.

The material has been provided by InstaForex Company - www.instaforex.com

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