UBS UBS Group AG

Global stocks were broadly steady Tuesday after the previous day's rally on Wall Street fizzled.

The Stoxx Europe 600 was down 0.1% in early trade, after gains in Monday's session.

In Asia, Hong Kong's Hang Seng was up 0.9%, while China's Shanghai Composite fell 0.3%. Japan's Nikkei Stock Average was closed for a holiday.

Australia's S&P/ASX 200 was up 1.4% after six consecutive days of losses, as concerns about Chinese growth waned.

On Monday, the Dow Jones Industrial Average climbed back into positive territory for the year for the first time since July.

Equity markets had fallen sharply late in the summer, but rebounded in October on decent corporate earnings reports and the prospect of support from the world's central banks.

Still, some strategists aren't convinced the rally will continue. "In order to get a strong and lasting upside," said Ralf Zimmermann, equity strategist at Bankhaus Lampe, "we need more clarity on the global business side, and a credible outlook on a reaccelerating global economy and earnings."

Investors in Europe focused Tuesday on the latest round of corporate earnings. Standard Chartered PLC fell more than 6% after the bank unveiled a major overhaul of its operations that will involve raising capital and cutting jobs, while Swiss bank UBS Group AG fell 3.8% despite reporting that its net profit in the third quarter more than doubled from the same period last year thanks to a tax benefit.

In currencies, the euro was up 0.1% against the dollar at $1.1025 ahead of a speech later Tuesday by European Central Bank President Mario Draghi.

In commodities, Brent crude oil was 0.1% lower at $48.72 a barrel.

Gold was up 0.1% at $1,136.50 a troy ounce.

Ahead Tuesday, investors will get a reading on U.S. factory orders and monthly sales from the big auto makers.

Later in the week, the U.S. jobs report for October will be released as investors continue to speculate about the next Federal Reserve move on raise short-term interest rates.

Robust jobs growth would likely be a short-term negative for stock markets as it would increase the likelihood of a rate rise in December, Mr. Zimmermann said.

Write to Riva Gold at riva.gold@wsj.com

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(END) Dow Jones Newswires

November 03, 2015 04:15 ET (09:15 GMT)

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