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European Shares Mixed In Early Trade

stockmarkets jan23 05nov19 lt

European stocks were mixed on Tuesday after disappointing earnings updates from the likes of Pandora, Adecco Group and Telefonica. Underlying sentiment was underpinned by hopes for a U.S.-China trade deal that could boost global growth.

The pan-European Stoxx Europe 600 was down 0.1 percent at 402.98 after climbing 1 percent on Monday to close at its highest level since April 15, 2015.

The German DAX and France's CAC 40 index were narrowly mixed while the U.K.'s FTSE 100 was up 0.3 percent ahead of a Bank of England policy meeting this week.

Danish jewellery maker Pandora slumped almost 12 percent after it swung to an unexpected third-quarter net loss and cut its revenue growth guidance.

Sanofi shares dropped 1 percent. The French drugmaker said that the U.S. Food and Drug Administration has approved a supplemental Biologics License Application for Fluzone High-Dose Quadrivalent or Influenza Vaccine for use in adults 65 years of age and older.

Adecco Group, a provider of human resources solutions, shed 1.1 percent after its net profit and revenue fell for the third quarter.

STADA Arzneimittel AG tumbled 3 percent after it entered into an agreement to buy a portfolio of selection products from Takeda Pharmaceutical Company for a total value of $660 million.

Vonovia SE, a German residential property company, fell over 1 percent despite the company reporting a rise in nine-month Group funds from operations and issuing a positive outlook for 2020.

Specialty chemicals company Evonik Industries jumped 4.7 percent. The company reported that its net income for the third quarter surged to 1.48 billion euros from 329 million euros in the same period last year.

Luxury fashion brand Hugo Boss gained around 1 percent after saying it expects sales and operating profit to recover in the fourth quarter.

Telefonica gave up 1.2 percent. The Spanish telecommunications firm slipped to a third-quarter net loss of 443 million euros, compared to last year's profit of 1.14 billion euros, reflecting restructuring costs of 1.40 billion euros.

Air France-KLM Group declined 1.2 percent after saying it would outline its strategic priorities and its financial trajectory over the next five years.

U.K.-based tobacco giant Imperial Brands advanced 1.7 percent as it reported a decline in its fiscal 2019 profit from last year.

Associated British Foods soared 5 percent after delivering a 'resilient' performance over the last financial year.

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