Plus   Neg

European Shares Slip On Profit Taking


European stocks were subdued on Wednesday, as fears over the U.S.-China trade row prompted traders to book some profits after the previous session's strong rally.

U.S. President Donald Trump's optimistic comments on trade talks as well as positive Eurozone GDP data helped to limit the downside to some extent.

Eurozone's quarterly economic growth rate doubled in the first three months of the year, latest figures from Eurostat showed, confirming the initial estimate released late April.

Gross domestic product grew 0.4 percent from the fourth quarter of 2018, when the euro area economy expanded 0.2 percent.

The pace of growth was the strongest since the second quarter of 2018, when the economy expanded at the same rate.

The pan European Stoxx 600 was down 0.35 percent at 375.02 after climbing 1 percent in the previous session.

The German DAX was losing half a percent and France's CAC 40 index was declining 0.6 percent while the U.K.'s FTSE 100 was little changed with a negative bias.

Commerzbank fell 2.6 percent after reports that Italian bank UniCredit has stepped up preparations to bid for the German lender. Shares of the latter dropped 1.1 percent.

Raiffeisen Bank International slumped 4.8 percent, ABN Amro declined 1.5 percent and Credit Agricole gave up 2.5 percent after posting disappointing earnings results.

Leoni, a German cable and harnessing manufacturing firm, slumped 10 percent after it slipped to loss in the first quarter.

Utility E.ON plunged nearly 8 percent on going ex-dividend.

French automaker Renault tumbled 3.7 percent after its Japanese partner, Nissan Motor, forecast operating profit for the current year that fell short of analysts' lowest estimate.

British lender CYBG rallied 2.8 percent after it posted a first-half profit, despite the impact of costs from its acquisition of Virgin Money.

Compass Group jumped over 2 percent after the catering company upped its growth forecasts for the full year.

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