European shares fall as Siemens, BMW disappointments hit DAX
Reuters
Published Aug 02, 2018 08:45
European shares fall as Siemens, BMW disappointments hit DAX
LONDON (Reuters) - A selloff in European shares was extended on Thursday with Germany's DAX taking the brunt of investors' anxieties over trade, while results from industrial conglomerate Siemens disappointed and Europe's biggest asset manager, Amundi, impressed the market.
The pan-European STOXX 600 (STOXX) was down 0.5 percent by 0729 GMT, with Germany's top index (GDAXI) dropping 1.1 percent, as heavyweights Siemens and BMW tumbled.
Siemens (DE:SIEGn), which makes everything from turbines to trains, fell 3.5 percent after reporting lower than expected revenues, though profit slightly beat expectations.
Carmaker BMW (DE:BMWG) fell 2.6 percent after reporting smaller auto margins than expected. It helped drive the autos sector (SXAP) down 1.3 percent.
France's Amundi (PA:AMUN) topped the STOXX, jumping 8.3 percent after reporting higher second-quarter profits, benefiting from an inflow of new client money.
Many stocks were punished after disappointing results.
Hugo Boss (DE:BOSSn) shares fell 5.8 percent after earnings missed forecasts, and Delivery Hero (DE:DHER) also fell 2.1 percent after the meal delivery company said investments would weigh on margins.
London-listed Kaz Minerals (L:KAZ), until now focused on Kazakhstan, said it had agreed to buy a copper project in Russia for $900 million. The acquisition spend drove the stock down 11 percent.
Bringing up the rear among European stocks was Swiss asset manager GAM (S:GAMH), sinking 13.3 percent. An investor exodus after it decided to suspend a director forced the firm to halt dealing in some bond funds.
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Written By: Reuters
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