European shares take a pause, focus turns to earnings

This post was originally published on this site

(Reuters) – European shares retreated from a near two-year high on Tuesday as investors parsed through a mixed bag of earnings, with optimism surrounding the U.S.-China trade progress and Brexit keeping losses in check.

The pan-European fell 0.2% at 0813 GMT after scaling a 21-month high in the previous session, boosted by trade optimism and tracking gains on Wall Street, where the S&P 500 hit a record high. ()

The oil and gas sector () fell 0.5%, dragged down by British energy firm BP (L:), which reported a sharp drop in third-quarter profits, hurt by weaker oil prices and lower production.

Another set of disappointing numbers came from paper firm Stora Enso (HE:), down 7%, dragging down peers Mondi (L:) and Smurfit Kappa (I:), after reporting a drop in quarterly profit and warning about global political uncertainties.

On the other hand, shares of German healthcare group Fresenius (DE:) gained 3% to top the STOXX index after beating revenue expectations on strong sales in emerging markets and growth in its dialysis unit.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.