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European stocks finished mixed on Tuesday after U.S. 10-year Treasury yields surged to the psychologically important three percent level, which is seen as a headwind for equities.
Many European companies operate and borrow money in the U.S. and therefore are also impacted by the U.S. yields.
The pan-European Stoxx 600 closed provisionally close to the flatline, with most sectors and major bourses in negative territory. The benchmark moved around its highest level earlier in the day, but lost momentum in the final trading hours of the day.
Germany's DAX 30 index dropped 0.2 percent to 12,550.82, while France's CAC 40 index edged up 0.1 percent higher to 5,444.16. The U.K.'s FTSE 100 gained almost 0.4 percent to 7,425.40, hitting a sixth consecutive advance. The London benchmark was boosted by the energy sector as oil prices increased.
Oil and gas stocks led the gains, rising one percent, after Barclays released a list of its preferred European oil and refining stocks. BP, Total, Royal Dutch Shell and OMV were all named as favorable stocks by the U.K. bank — sending shares of each company higher.
Travel and leisure stocks were the worst performers, losing 1.4 percent. The sector was pulled down by William Hill, after the U.K. Treasury said it planned to support a proposed cut in the maximum bet for fixed odds betting terminals. Shares of the U.K. company plunged 12.7 percent on the news.
Banco Santander dropped 3.3 percent even as the Spanish lender's first-quarter net profit increased ten percent to 2.05 billion euros ($2.51 billion), beating analysts' expectations of about €2.03 billion, according to FactSet consensus estimate.
Shares of SAP climbed 3.5 percent after the German software maker improved its 2018 outlook to reflect the acquisition of Callidus Software Inc. and a strong first-quarter operating performance.
