European shares edge up as Chinese stocks recover
Reuters
Published Aug 24, 2018 09:02
European shares edge up as Chinese stocks recover
LONDON (Reuters) - European shares edged up at the open on Friday in the wake of Chinese stocks recouping earlier losses after U.S.-China trade talks ended without progress but did not sink hopes for a later resolution of the conflict.
At 0730 GMT, the pan-European STOXX 600 (STOXX) was up 0.2 percent with rises across most bourses on the continent and gains among miners, banks and car markers notably.
Autos (SXAP) rose 0.4 percent after being among the worst-performing sector this week since a surprise profit warning from tyre maker Continental hit amid on-going tariff fears.
Basic materials (SXPP) rose 0.7 percent as London copper prices recovered. Antofagasta (L:ANTO) was a top gainer, rising 2.2 percent.
Shares in Irish construction company Kingspan (I:KSP) posted the top performance with a 7.7 percent rise and were on track for their best day in over a year after publishing first half results.
Among smaller companies, Swiss semiconductor maker U-Blox sank 15 percent after it announced disappointing results and cut its guidance for the year, with traders flagging its China business as particularly disappointing.
Analysts said investors were also likely to exercise caution ahead of a speech later on Friday by Jerome Powell in which the Federal Reserve chairman he is expected to give fresh clues on the direction of U.S. monetary policy.
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Written By: Reuters
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