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European Shares Recover From Early Slide

stockmarkets dec12 16may19 lt

European stocks were moving higher on Thursday, after falling early in the session as the United States hit Huawei with severe sanctions, adding to prevailing uncertainty over trade.

On the data front, France's unemployment rate declined in the first quarter to the lowest since 2009, figures from the statistical office Insee showed.

The average ILO jobless rate fell to 8.7 percent from 8.8 percent in the fourth quarter of 2018. This was the lowest level since 2009.

Separately, the euro area trade surplus fell to a seasonally adjusted EUR 17.9 billion in March from EUR 20.6 billion in February, Eurostat data showed. The surplus was below the forecast of EUR 19.4 billion.

The British pound drifted lower as Prime Minister Theresa May faces a showdown with the 1922 committee over timetable for her resignation.

The pan European Stoxx 600 was up 0.3 percent at 379.31 after rising half a percent in the previous session.

The German DAX was climbing 0.6 percent, France's CAC 40 index was up 0.3 percent and the U.K.'s FTSE 100 was moving up 0.2 percent.

Premier Oil jumped 8 percent in London after increasing its 2019 full-year production guidance.

National Grid fell 2.4 percent after its fiscal year statutory earnings declined from prior year due to exceptional charges.

Anglo American rallied 3 percent. The mining giant announced that Debmarine Namibia has approved construction of a new custom-built diamond recovery vessel.

Luxury fashion house Burberry tumbled 4.5 percent after reporting lackluster full-year profit and revenue.

Tour operator Thomas Cook Group plunged as much as 18 percent after its first-half loss widened from last year.

Automakers were trading mixed after rising the previous day on news that U.S. President Donald Trump was planning to delay the imposition of tariffs on imported cars and parts.

Thyssenkrupp soared 7.3 percent on a Reuters report that Finland's Kone might bid for the German conglomerate's 14 billion euro ($15.7 billion) elevators division.

Südzucker gained 1 percent after the sugar producer said it expects improvement in prices from October.

Nestle SA advanced 0.7 percent. The Swiss food and drink company has entered into exclusive talks to sell its skin health business to a consortium led by private equity firm EQT Partners in a deal worth 10.2 billion Swiss francs ($10.12 billion).

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