European Shares – Wednesday, May 8, 2019
European Shares fell on Wednesday for a third day as concern mounted over a U.S.-China trade deal, although positive reports from the likes of Wirecard and Siemens helped German stocks to rise.
The pan-European STOXX 600 index slipped 0.1 percent by 0730 GMT, reaching its lowest in more than four weeks and on course for its fifth decline in this month’s six trading days. The blue-chip STOXX 50 rose 0.1 percent.
Chinese Vice Premier Liu He will travel to Washington on Thursday for two days of trade talks, in a bid to avoid increases in tariffs on Chinese goods that U.S. President Donald Trump had threatened to impose.
European stocks were also roiled by a European Commission decision on Tuesday to lower its forecasts for euro zone economic growth.
Germany’s DAX outperformed after upbeat earnings reports and data that showed the country’s industrial output rose unexpectedly in March.
Siemens climbed 3.6 percent on better-than-expected profit from its industrial business in the second quarter, as the German industrial group began separating and spinning off its struggling power and gas business.
Payments company Wirecard advanced after raising its profit outlook for 2019 as it tried to shake off allegations of fraud and false accounting.
Wirecard shares and Spain-based IT company Amadeus rose 4 percent after upbeat first-quarter results helped technology stocks gain the most among European sectors.
Britain’s largest distributor of building materials, Travis Perkins (LON:TPK), was the top percentage gainer after reporting strong first-quarter results.
But German reinsurer Munich Re slid after reporting a 23 percent decline in net profit in the first quarter as a result of higher claims.
Poste Italiane’s slipped 3 percent on falling first-quarter profit as capital gains from government bond sales declined and costs rose.
Britain’s Imperial Brands (LON:IMB) dropped after the tobacco company stood by its full-year forecast and reported half-year sales in line with analysts’ estimates.
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