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China reprieve lifts European shares, Adidas disappoints

Published 08/08/2019, 03:28 PM
Updated 08/08/2019, 03:30 PM
China reprieve lifts European shares, Adidas disappoints
ADSGN
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TKAG
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STOXX
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SX8P
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(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
* Chinese export and imports beat forecasts in July
* Yuan firms as Beijing signals intent to stabilize decline
* Adidas falls on lower second-quarter sales
* Thyssenkrupp rises, traders say profit warning priced in

Aug 8 (Reuters) - European shares rose for a second day on
Thursday, as investors took heart from a stronger than-expected
rebound in Chinese exports and steadying of the yuan currency
after a week of turmoil centred around a renewed escalation of
U.S.-China trade tensions.
Down as much as 5% in a three-day rout that began late last
week, the pan-European STOXX 600 index .STOXX was up 0.8% on
the day by 0714 GMT, adding to a minimal rise on Wednesday and
with the tech sector .SX8P leading gains.
Latest earnings showed disappointing second-quarter sales
from German sportwear company Adidas ADSGn.DE , sending its
shares down 1.5%, while Thyssenkrupp TKAG.DE gained 2% in the
face of a fourth profit-warning that traders said was already
largely priced in.
Data showed July exports in China rose 3.3% from a year
earlier, the fastest since March, overturning analyst forecasts
for a 2.0% drop. Imports fell almost 6% although that was not as
bad as a consensus forecast for an 8.3% drop. The yuan recovered some ground against the dollar, although
the PBOC set its official midpoint below the seven to the dollar
threshold for the first time since the global financial crisis.

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