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European Shares Mixed As Earnings Dominate


European stocks pulled back from eight-month highs on Wednesday as investors digested weak regional data and fretted that Beijing will slow the pace of policy easing following some signs of stabilization in the world's second-largest economy.

The downside, however, remained limited following upbeat earnings updates in the region from the likes of Credit Suisse, Novartis and SAP.

The pan European Stoxx 600 was down 0.1 percent at 391.11 after rising in the past eight consecutive sessions.

The German DAX was rising 0.6 percent, while France's CAC 40 index was down 0.1 percent and the U.K.'s FTSE 100 was losing 0.3 percent.

Stockholm-listed online gambling operator Kindred Group slumped 7.6 percent after Swedish market costs contributed to a 50 percent decline in profit after tax.

Akzo Nobel lost 3.2 percent. The Dutch paints and chemicals maker reported that its first-quarter net income attributable to shareholders plunged to 65 million euros from last year's 253 million euros.

STMicroelectronics NV climbed 2.6 percent after the company forecast a 2.4 percent sequential net revenue growth in FY19.

Swiss banking giant Credit Suisse Group added 2.6 percent on reporting an 8 percent rise in first-quarter net profit, beating forecasts.

Novartis gained 2.6 percent after raising its annual profit outlook.

Volvo Group advanced 3.8 percent. The multinational manufacturing company headquartered in Gothenburg reported that its net income for the first-quarter 2019 climbed to 10.62 billion Swedish kronor from last year's 5.65 billion kronor.

German software company SAP jumped 8.6 percent after raising its operating profit outlook.

In economic releases, Germany's business confidence unexpectedly weakened in April to its lowest level in three years, survey data from the ifo Institute showed.

The ifo business climate indicator dropped to 99.2 from an upwardly revised 99.7 in March. Economists had expected the index to climb to 99.9 from March's original 99.6.

Separately, France's manufacturing confidence deteriorated for the first time in five months in April to its lowest level in over two-and-a-half years, preliminary data from the statistical office INSEE showed.

The manufacturing confidence index fell to 101 from a revised 103 in March.

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