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Weak Diageo, Bayer earnings hit Europe stocks; BP jumps

Published 08/04/2020, 03:34 PM
Updated 08/04/2020, 03:40 PM
STOXX50
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BP
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BAYGN
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DGE
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STOXX
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SXEP
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SX7P
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SXAP
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SXTP
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(For a live blog on European stocks, type LIVE/ in an Eikon
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Aug 4 (Reuters) - European shares edged lower on Tuesday as
disappointing earnings reports from Diageo and Bayer took the
shine off a jump in growth-linked cyclical stocks, while
investors awaited signs of progress on more U.S. fiscal
stimulus.
The world's largest spirits maker, Diageo Plc DGE.L , slid
5.9% as it reported a bigger-than-expected decline in underlying
net sales as demand for its whiskeys, vodka and gin fell in all
markets except North America. Energy major BP 's stock BP.L jumped 5.8% after it cut its
dividend in a widely expected move and reported a record $6.7
billion loss in the second quarter as the coronavirus crisis
hammered fuel demand. Leading gains among sectors, the oil & gas sector .SXEP
rose 2.1%, while automakers .SXAP , banks .SX7P and travel &
leisure .SXTP rose between 1.5% and 2%.
The pan-European STOXX 600 .STOXX was down 0.2% by 0727
GMT, although eurozone blue-chip stocks .STOXX50E gained 0.5%.
German drugs and pesticides group Bayer BAYGn.DE fell 3%
as it reported a 9.5 billion euro ($11.2 billion) net loss for
the second quarter, following a $10.9 billion settlement of U.S.
lawsuits claiming that its weedkiller Roundup caused cancer.

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