European Shares Mixed In Directionless Trade

european market 021219 19oct21 lt

European shares struggled for direction on Tuesday as investors awaited more earnings for fresh insight into how companies are faring with inflation and supply-chain disruptions.

A spate of U.S. companies including Johnson & Johnson, Bank of New York Mellon, Travelers, Procter & Gamble, Philip Morris International and Netflix will report their quarterly earnings later in the day.

The pan European Stoxx 600 was up 0.1 percent at 467.64 after declining half a percent on Monday. France's CAC 40 traded flat with a positive bias, while the German DAX and the U.K.'s FTSE 100 were marginally lower.

The British pound hit a four-week high versus the dollar on expectations the Bank of England could hike rates towards the end of this year.

Sweden's Ericsson dropped half a percent after reporting a hit from global supply chain problems.

Telecoms operator Tele2 lost almost 4 percent after posting quarterly core earnings in line with market expectations.

Delivery Hero SE shares rose over 1 percent. The German online food ordering company said it has invested $235 million in on-demand delivery startup Gorillas Technologies GmbH.

French food group Danone fell more than 2 percent. The company reiterated 2021 guidance, expecting a return to profitable growth in the second half, and fiscal year recurring operating margin broadly in line with 2020.

British homebuilder Bellway advanced 1.7 percent after its profits more than doubled in the year to end July.

Miners Anglo American and Antofagasta rose over 1 percent as copper prices rose.

British Airways owner IAG tumbled 3 percent after brokerage Berenberg downgraded the stock rating and cut its target price on the stock.

Hochschild Mining jumped 6 percent. The company announced its plan to demerge shares representing 80 percent of the entire issued share capital of indirect subsidiary Aclara, a development-stage rare earth mineral resources company.

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