2017.02.2106:32:00UTC+00European Markets Inched Higher on Lifted Sentiment

European stocks were slightly higher, as optimism provided by upbeat manufacturing surveys offset the sharp decline in shares of HSBC following a plunge in the bank's annual pre-tax profit. The pan-European STOXX 600 index was up 0.2 percent after previously falling in the session.

HSBC slumped 6.5 percent and was on track for its largest one-day decline in eight years after its results fell short of analysts' estimates as it took heavy writedowns from its restructuring. Britain's FTSE 100 index underperformed. It was off 0.2 percent after a 3.6 percent drop in the UK banking index. Germany's benchmark DAX index rose 0.5 percent, supported by a recent survey that showed an increase in the country's private sector, driven by humming factories.

Movement of shares remained mixed. Mid cap company John Wood plunged 11 percent, making it the biggest decliner in the STOXX 600, after saying that oil and gas markets continue to show persistent challenges. InterContinental Hotels Group climbed almost two percent following its result, which showed slightly better-than-expected yearly profit increase. French company Rubis gained five percent, the top advancer in the STOXX 600 index, after the firm announced that it will buy Dinesa and subsidiary Sodigaz.

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