EUROPE MARKETS: European Stocks Edge Back From 2019 Highs
22 Oktober 2019 - 11:30AM
Dow Jones News
By Steve Goldstein, MarketWatch
European stocks weakened on Tuesday, as a generally solid set of
corporate earnings from companies including Swiss bank UBS and
aerospace group Saab wasn't enough for traders to bid stocks to a
new high.
After closing Monday at the highest level since May 22, 2018,
the Stoxx Europe 600 weakened 0.31% to 392.98.
The index isn't far from its record high of 414.06.
"With risks related to the trade war fading away, investors have
switched their focus back to data and especially to corporate
earnings which will provide them with more clues on how companies
have dealt with the negative impacts of the U.S.-China trade
disputes in the third quarter. The current earning season shows
good results so far, which indicates there may be enough space for
an extended rally on stocks before Christmas if the current risk-on
trading stance continues," said Pierre Veyret, a technical analyst
at ActivTrades.
The German DAX declined 0.02% to 12745.39, the French CAC 40
weakened 0.56% to 5616.94 and the U.K. FTSE 100 declined 0.06% to
7159.32.
U.S. stock futures were lower after a 57-point gain on Monday
for the Dow Jones Industrial .
With little on the economics front in Europe, corporate news was
the main driver of action.
UBS (UBS) rose 1.2% as the Swiss bank reported a stronger than
forecast third-quarter profit, helped by its wealth and asset
management arms.
Reckitt Benckiser (RB.LN) shares fell 4.4% as the consumer
products giant cut its sales outlook for the year, citing a weak
performance in its health division, which was hurt by light
restocking of cold and flu products, as well as weakness for its
Durex condom unit and Dettol anti-bacteria product unit.
Novartis (NOVN.EB) (NOVN.EB) shares slipped 0.9%, after a nearly
14% gain this year. The Swiss drugmaker reported
stronger-than-expected sales and operating profit in the third
quarter, and increased its guidance for the year.
Aerospace group Saab (SAAB-B.SK) jumped 5.3% after the company
reported stronger earnings and sales than forecast.
Just Eat (JE.LN) jumped 23.9% to 730 pence after technology
investor Prosus (PRX.AE) launched a rival 710 pence a share bid for
the U.K. delivery service. Takeaway.com (TKWY.AE) , the rival Just
Eat suitor, rose 4.7%.
Delivery Hero shares (DHER.FF) rose 4.9%.
(END) Dow Jones Newswires
October 22, 2019 05:15 ET (09:15 GMT)
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