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European shares edge higher on trade hopes, Imperial Brands slides

Published 09/26/2019, 03:41 PM
Updated 09/26/2019, 03:50 PM
European shares edge higher on trade hopes, Imperial Brands slides
BATS
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AIR
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IMB
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STOXX
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SXQP
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(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
Sept 26 (Reuters) - European shares edged higher on
Thursday, after positive comments from China on trade with the
United States soothed investor sentiment, while a drop in shares
tobacco companies following a profit warning from Imperial
Brands kept gains in check.
The Chinese commerce ministry said Beijing is in close
communication with Washington and is preparing to make progress
at trade talks in October. Initial market action after the opening bell was negative
after Bloomberg reported the World Trade Organization will
authorize the U.S. to impose tariffs on nearly $8 billion of
European goods due to illegal state aid provided to aircraft
maker Airbus SE AIR.PA .
The tariffs will target planes and parts as well as luxury
products, such as wine and spirits and leather goods.
The personal & household goods index .SXQP slipped 0.6%,
the most among the major European sub-sectors.
Imperial Brands Plc IMB.L tumbled 9.1%, after the company
said it expects full-year profit to be flat compared to last
year in the face of a regulatory backlash against vaping in the
United States. Shares of peer British American Tobacco Plc BATS.L also
fell 3.2%.
The pan-European STOXX 600 index .STOXX rose 0.2%,
however, still hovering at two-week lows.

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