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European shares slip, Daimler drags on Germany

Published 11/14/2019, 04:33 PM
Updated 11/14/2019, 04:40 PM
European shares slip, Daimler drags on Germany
DE40
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MBGn
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QIA
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BRBY
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STOXX
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(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
Nov 14 (Reuters) - European shares dipped lower in early
trade on Thursday, as a drop in Daimler shares and lackluster
economic data from Asia as well as Europe, checked any gains
from a handful of positive corporate updates.
By 0819 GMT, the pan-European STOXX 600 index .STOXX fell
0.2%, with German shares .GDAXI dropping 0.4%.
Daimler DAIGn.DE slumped more than 3% after the German
carmaker said tougher emissions rules will hit earnings in 2020
and 2021, forcing it to seek more than 1 billion euros in
personnel cuts at Mercedes-Benz Cars by end of 2022. Earlier, data showed Germany's output grew 0.1% in the third
quarter compared with the previous three months, defying
investors expectation that Europe's economic powerhouse will
slide into a recession. However, the numbers were not strong enough to dispel growth
fears as China's factory output growth slowed significantly more
than expected in October and Japan's economy ground to a near
standstill. Shares in genetic testing company Qiagen QIA.DE shot to
the top of the STOXX 600, jumping 12.4% after Bloomberg reported
scientific instruments maker Thermo Fisher Scientific TMO.N
had approached company about a potential deal. British luxury brand Burberry's shares BRBY.L rose 8.7%
after it said the popularity of collections by designer Riccardo
Tisci boosted sales in its second quarter.

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