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European Stocks Back in Positive Territory as Strong Corporate News Offsets Concerns About Imminent EU, US Sectoral Sanctions Against Russia


European stocks returned to positive territory Tuesday, as strong corporate news offset concerns about imminent U.S. and EU sanctions against key sectors of Russia’s economy, and as the U.S. Federal Reserve monetary committee kicks off a two-day meeting later in New York. In London, U.K. clothing retailer Next plc rose after reporting a better-than-expected 10.7% rise in Next brand sales, of which 2.4% same from the opening of profitable new stores, while in Madrid construction company Ferrovial SA gained on a better-than-expected first-half profit. Among decliners, BP plc was down in London on concerns that sanctions against Russia’s energy sector would hurt it because of its 20% shareholding in OAO Rosneft. In Paris, Renault SA slumped after Europe’s third-largest carmaker posted a widening negative automotive unit-cash flow and its CEO predicted a “mixed bag of risks and opportunities” in the second quarter.