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European Shares Hold Steady As Investors Await US Earnings

stockmarkets dec12 16jul19 lt

European stocks held steady on Tuesday as investors awaited the latest developments on the Sino-U.S. trade front and looked forward to key U.S. data due this week for directional cues.

The pan European Stoxx 600 was virtually unchanged at 387.58 ahead of earnings reports from a slew of major American companies, due out later in the day.

The German DAX was marginally lower while France's CAC 40 index traded flat with a positive bias and the U.K.'s FTSE 100 rose 0.2 percent.

German chemicals company Bayer advanced 1.4 percent after a U.S. judge slashed the damages awarded to a California man who blamed its Roundup weed killer for his cancer.

French luxury goods group LVMH rose about half a percent after it acquired a minority stake in the Stella McCartney House from Ms Stella McCartney.

Groupe Renault declined half a percent after the French carmaker reported weak volume in its first half.

British luxury brand Burberry soared 12 percent after the company delivered strong growth in its new collections.

CRH advanced 1.4 percent. The building materials supplier has agreed to divest its Europe Distribution business to private equity funds managed by Blackstone for an Enterprise Value of 1.64 billion euros payable in cash.

Low-cost airline Ryanair Holdings added 1.7 percent despite cutting its 2020 summer guidance.

Recruiter Hays lost 2 percent after it reported no growth in net fees in the fourth quarter.

In economic releases, Germany's economic confidence weakened to an eight-month low in July, survey data from the ZEW-Leibniz Centre for European Economic Research showed.

The economic confidence index declined to -24.5 in July from -21.1 in June. This was the lowest score since November 2018. The expected reading was -22.

The U.K. unemployment rate remained unchanged at 44-year low in three months to May and wages grew at the fastest pace in 11 years, data from the Office for National Statistics revealed.

The unemployment rate remained unchanged at 3.8 percent in three months to May, in line with expectations. This was the lowest since the final quarter of 1974.

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