logo
Plus   Neg
Share
Email

European Shares Mixed After GDP Data

stockmarkets aug16 14feb20 lt

European shares were trading mixed on Friday after data showed the German economy stagnated in the fourth quarter, reviving fears of a recession.

The euro area economy steadied in the fourth quarter, with the bloc's quarterly reading coming in at 0.1 percent, matching expectations.

On the trade front, the United States and China have lowered tariffs on each other's goods today as part of the "Phase One" trade agreement.

Concerns over the coronavirus outbreak eased somewhat after the World Health Organization said there was no major shift in the coronavirus's pattern of mortality or severity, despite a dramatic increase in Hubei province.

The pan European Stoxx 600 was up 0.1 percent at 431.31 after ending little changed with a negative bias on Thursday.

The German DAX inched up 0.15 percent and the U.K.'s FTSE 100 was marginally higher while France's CAC 40 index was down 0.2 percent

Crédit Agricole fell over 1 percent despite the bank's fourth-quarter net profit coming in above expectations.

Renault rose over 2 percent, recovering early losses. The car maker posted an annual loss of 141 million euros ($153 million) - its first in 10 years. The company also slashed its annual demand and warned that auto demand remained volatile.

Electric utility EDF soared more than 8 percent after its net income, Group share, rose more than four-fold for the full year, with 4 percent growth in sales.

Wirecard shares declined 1.5 percent. The provider of electronic payment and risk management applications reiterated its 2020 guidance after reporting strong quarterly results.

Royal Bank of Scotland Group shares slumped 6 percent. The bank cut its medium-term returns target after reporting a jump in annual profits.

Property investment and development company SEGRO rose over 1 percent despite its pretax profit falling 18 percent in 2019.

Miners were broadly lower after copper prices fell on the London Metal Exchange on concerns surrounding the demand outlook for the metal.

AstraZeneca edged up slightly after its core operating profit for the final quarter of the year missed expectations.

For comments and feedback contact: editorial@rttnews.com

Follow RTT