European Shares Mixed As Investors Watch US Debt Deal Progress

European stocks were mixed on Tuesday as investors waited for the passage of the U.S. debt ceiling deal before June 5.

Hawkish Fed expectations and concerns around China’s economic recovery also kept investors nervous.

The dollar traded higher and U.S. Treasury yields fell after Republican South Dakota Representative Dusty Johnson downplayed the conservative opposition to the debt ceiling deal.

In economic releases, Eurozone economic sentiment fell more than expected in May after four months of general stagnation in sentiment, data from the European Commission showed.

The corresponding indicator fell to 96.5 from a downwardly revised 99.0 in April.

The pan European STOXX 600 was up 0.2 percent at 461.59 after closing 0.1 percent lower on Monday.

The German DAX rose half a percent while France’s CAC 40 was down 0.1 percent. The U.K.’s FTSE 100 slipped 0.3 percent as trading resumed after a long holiday weekend.

Nestle declined 1.5 percent. The Swiss food group said has hired Anna Manz, the finance chief at the London Stock Exchange Group, as its new chief financial officer.

Unilever fell 1.5 percent. The consumer goods giant announced that its Chief Financial Officer Graeme Pitkethly would leave by the end of May 2024.

Bunzl, the specialist international distribution and services Group, fell about 1 percent after it agreed to acquire a safety business in Brazil and Spain.

Energy services group Hunting Plc jumped 17 percent after increasing its earnings guidance and securing a $91 million contract.

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