EUROPE MARKETS: U.S.-China Trade Talks Ice Movement In European Stocks
10 Oktober 2019 - 12:00PM
Dow Jones News
By Steve Goldstein, MarketWatch
Philips hit by tariffs, while LVMH weathers Hong Kong
turmoil
European stocks struggled for direction on Thursday ahead of
high level talks between U.S. and Chinese negotiators as the impact
of the trade war hit one major exporter.
The Stoxx Europe 600 increased 0.04% to 380.45.
The German DAX increased 0.27% to 12126.46, the French CAC 40
gained 0.53% to 5528.20 and the U.K. FTSE 100 increased 0.03% to
7168.63,
Attention was squarely on the high-level talks between the U.S.
and China taking place in Washington. U.S. stock futures were
volatile in overnight trade amid varying published reports
characterizing either an imminent deal or a possible breakdown.
Shares of Philips Electronics (PHIA.AE) tumbled 8% in Amsterdam
as the company issued a warning over its connected-care business,
which the company blamed on the impact of tariffs as well as
reduced production levels.
"While it is good to see growth coming through and Philips has a
good track record of margin expansion over the past few years, Q3
is a slip-up and Connected Care remains the perennial
underperformer," said Scott Bardo, an analyst at Berenberg.
LVMH Moet Hennessy (MC.FR) shares surged 4.6% as the
luxury-goods giant reported 17% revenue in the third quarter, with
watch and jewelry sales growing despite Hong Kong unrest. "We see
LVMH as a high quality, defensive earnings growth name, which is
not reflected in its valuation," said Bank of America Merrill Lynch
analysts in reiterating a buy rating.
Kering (KER.FR) , the owner of Gucci and Yves Saint Laurent
brands, added 3.6%.
(END) Dow Jones Newswires
October 10, 2019 05:45 ET (09:45 GMT)
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