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European shares take a pause, focus turns to earnings

Published 10/29/2019, 04:30 PM
Updated 10/29/2019, 04:32 PM
European shares take a pause, focus turns to earnings
BP
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STERV
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FREG
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MNDI
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SWR
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SXEP
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(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
Oct 29 (Reuters) - European shares retreated from a near
two-year high on Tuesday as investors parsed through a mixed bag
of earnings, with optimism surrounding the U.S.-China trade
progress and Brexit keeping losses in check.
The pan-European STOXX 600 fell 0.2% at 0813 GMT after
scaling a 21-month high in the previous session, boosted by
trade optimism and tracking gains on Wall Street, where the S&P
500 hit a record high. .N
The oil and gas sector .SXEP fell 0.5%, dragged down by
British energy firm BP BP.L , which reported a sharp drop in
third-quarter profits, hurt by weaker oil prices and lower
production. Another set of disappointing numbers came from paper firm
Stora Enso STERV.HE , down 7%, dragging down peers Mondi
MNDI.L and Smurfit Kappa SKG.I , after reporting a drop in
quarterly profit and warning about global political
uncertainties. On the other hand, shares of German healthcare group
Fresenius FREG.DE gained 3% to top the STOXX index after
beating revenue expectations on strong sales in emerging markets
and growth in its dialysis unit.

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