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European Shares Mixed Amid Earnings Deluge

european market 021219 12may20 lt

European stocks were mixed on Tuesday as fears of U.S.-China trade tensions and worries over a second round of covid-19 infections kept underlying sentiment cautious.

Dismal inflation data from China and mixed earnings updates also weighed on markets.

The pan European Stoxx 600 was up 0.2 percent at 340.44 after declining 0.4 percent on Monday. The German DAX was marginally higher and the U.K.'s FTSE 100 rose about 0.4 percent, while France's CAC 40 index slid 0.2 percent.

Steelmaker ArcelorMittal declined 3.4 percent after announcing a proposed offering of common shares and mandatorily convertible notes for a combined $2 billion.

Aegon climbed 3.2 percent. The Netherlands-based insurer said it has maintained a strong balance sheet and liquidity position in these extraordinary times.

Vodafone shares jumped as much as 9 percent. The world's second-largest mobile operator maintained its dividend payout after meeting full-year expectations with a 2.6 percent rise in core earnings.

Home improvement chain Kingfisher surged 4.6 percent. The company said underlying sales turned positive in the first week of May as more of its stores re-opened from coronavirus lockdowns.

Morrison Supermarkets rallied 3.2 percent as it reported sales growth in the first quarter despite "highly volatile" trading and a worse-than-expected Easter due to the ongoing lockdown in the U.K.

Property developer Land Securities plunged 13 percent after reporting a big annual pretax loss.

Alstom shares soared 5 percent. After reporting a fall in full-year profit, the train maker confirmed its 2022-23 targets of 9 percent adjusted EBIT margin and of a conversion from net income to free cash flow above 80 percent.

Electric utility Engie tumbled 3.4 percent. The company said it has fine-tuned its market rationalization target with a decision to exit over 25 countries by 2021.

ProSiebenSat.1 Media shares soared 14 percent after U.S. private equity house KKR built a 5.2 percent stake in the German broadcaster.

Industrial conglomerate ThyssenKrupp plunged 9 percent. After widening its first-half loss, the company warned losses could surge in the third quarter. It said a fiscal third-quarter operating loss of "€1 billion cannot be ruled out".

Insurer Allianz lost 2.6 percent after its first-quarter earnings fell 29 percent from last year amid turbulence created by the coronavirus pandemic.

Deutsche Post rallied 3.7 percent. The logistics group said it sees signs that business is normalizing in Europe.

Electric utility E.ON advanced 3 percent after reporting a rise in Q1 net adjusted net income.

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