European shares dip after flood of earnings
Reuters
Published Oct 22, 2019 08:37
(Reuters) - European shares inched lower on Tuesday as investors sifted through a mixed bag of corporate earnings and eyed latest developments on U.S.-China trade talks and Britain's progress towards some form of orderly departure from the European Union.
Germany's DAX (GDAXI) and Switzerland's SSMI (SSMI) both bucked the trend, with the latter helped by a 1% gain for drugmaker Novartis (S:NOVN) after it raised its 2019 targets and reported better-than-expected revenue.
Another Swiss company, Apple (NASDAQ:AAPL) supplier AMS (S:AMS) also climbed 6% as demand from smartphone makers boosted operating profit.
French specialty minerals company Imerys (PA:IMTP) slipped 6% after cutting its outlook for 2019, while Norway's Aker BP (OL:AKERBP) moved marginally lower as it slashed its full-year oil output target.
British household goods maker Reckitt Benckiser (L:RB) was moored to the bottom of the pan-European STOXX index with a 5% fall after it cut its full-year sales forecast for the second time this year.
The STOXX (STOXX) was down just over 0.1% by 0728 GMT.
Shares of UBS (S:UBSG) led gains among banking stocks (SX7P) after Switzerland's biggest bank reported a smaller than expected loss in quarterly profit.
Swedish defence firm Saab (ST:SAABb) rose 7% to top the STOXX 600 after reporting third-quarter operating earnings well ahead of market forecasts and affirming its view that operating cashflow this year would improve versus 2018.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.