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European Shares Subdued Amid Uncertainty Over US Tax Reform

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European stocks were subdued on Friday as U.S. tax reform worries and simmering Middle East tensions kept investors on the sidelines ahead of the weekend.

Broad-based dollar strength as well as encouraging U.K. industrial output and trade data helped to limit overall losses to some extent.

The pan-European Stoxx 600 index was down 0.20 percent at 389.29 in late opening deals after tumbling 1.1 percent in the previous session.

The German DAX was losing 0.2 percent while France's CAC 40 and the U.K.'s FTSE 100 were down about 0.3 percent each.

Leonardo shares fell as much as 19 percent after the Italian high-tech company cut its 2017 targets.

British luxury brand Burberry Group fell 3.4 percent to extend Thursday's losses after unveiling plans to move further upmarket.

French steel pipe maker Vallourec tumbled 2.3 percent despite the company posting turnaround results for the third quarter of 2017.

On the positive side, Arcelor Mittal jumped 2.3 percent. The world's largest producer of steel sounded upbeat about 2018 after posting better-than-expected core profit for the third quarter.

Diversified miner Vedanta Resources rose half a percent after reporting a 37 percent rise in half-year profit.

Allianz Group rose about 1 percent. The German insurer announced a new 2 billion euro share buyback plan despite reporting lower operating profit for the third quarter.

by RTT Staff Writer

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