European stocks declined on Tuesday with attention still trained on the isolation of Russia from global financial markets after its invasion of Ukraine.
The Stoxx Europe 600 SXXP, -0.50%, which ended just 0.1% lower on Monday despite heavier losses early in the day, declined 0.4%.
Heavy fighting continued in Ukraine, with the country’s second-largest city Kharkiv bombarded. The Central Bank of Russia kept the local stock market closed for a second day after the U.S. barred transactions with it. The central bank on Monday lifted interest rates to 20% from 9.5%.
Rheinmetall RHM, +5.16% rose for a second day, gaining 5%, after Germany said it would spend €100 billion to boost its armed forces.
Traders also eyed the latest set of corporate results. HelloFresh HFG, -7.92%, the mealkit preparation company, dropped 8% after missing forecasts on adjusted earnings before interest, tax, depreciation and amortization.
Covestro 1COV, +3.56% jumped 4% as the chemicals company said it would make the highest payout in company history and authorized a €500 million stock buyback.
Flutter Entertainment FLTR, -10.06% dropped 9% after booking a £543 million charge and saying revenue growth slowed to 2% in the first seven weeks of 2022. It still expects its FanDuel unit to be profitable in the U.S. in 2023.