China reprieve lifts European shares, Adidas disappoints
Reuters
Published Aug 08, 2019 08:32
China reprieve lifts European shares, Adidas disappoints
(Reuters) - European shares rose for a second day on Thursday, as investors took heart from a stronger than-expected rebound in Chinese exports and steadying of the yuan currency after a week of turmoil centred around a renewed escalation of U.S.-China trade tensions.
Down as much as 5% in a three-day rout that began late last week, the pan-European STOXX 600 index (STOXX) was up 0.8% on the day by 0714 GMT, adding to a minimal rise on Wednesday and with the tech sector (SX8P) leading gains.
Latest earnings showed disappointing second-quarter sales from German sportwear company Adidas (DE:ADSGn), sending its shares down 1.5%, while Thyssenkrupp (DE:TKAG) gained 2% in the face of a fourth profit-warning that traders said was already largely priced in.
Data showed July exports in China rose 3.3% from a year earlier, the fastest since March, overturning analyst forecasts for a 2.0% drop. Imports fell almost 6% although that was not as bad as a consensus forecast for an 8.3% drop.
The yuan recovered some ground against the dollar, although the PBOC set its official midpoint below the seven to the dollar threshold for the first time since the global financial crisis.
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Written By: Reuters
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