Skip to main content

European-shares-1---Reuters

European shares dip as focus turns to Sino -US trade dispute 

MILAN: European shares fell on Tuesday after a new threat by Washington to impose tariffs on more Chinese imports, while Thomas Cook tanked on a profit warning. 

The pan-European STOXX 600 benchmark index fell 0.2 per cent by 0851 GMT per cent, pulling back from the one-week high reached the day before on optimism over Brexit and a possible Italian budget compromise with Brussels. 

"The positivity that started the week was nowhere to be seen on Tuesday, with Donald Trump pouring more fuel on the trade war fire while unleashing some unhelpful Brexit comments," said Connor Campbell, analyst Spreadex.com. 

The U.S. president said on Monday he expected to raise tariffs on $200 billion in Chinese imports to 25 per cent from the current 10 per cent and repeated his threat to impose tariffs on all remaining imports from China. 

Among the leading sectoral fallers on Tuesday were mining companies, down 1 per cent as copper prices slid for the third day,pressured by Trump comments. The export-oriented auto sector fell 0.6 per cent. 


Travel stocks were under pressure after Thomas Cook cut its profit forecast for the second time in two months and suspended its dividend after the hot British summer deterred holidaymakers from going abroad. 

Thomas Cook shares fell 30 per cent to a six-year low, putting the stock on track for its biggest one-day drop since end 2011. 

Its slump dragged down shares in other travel companies. TUI fell 5.1 per cent to the bottom of the STOXX 600. 

"It's been a challenging year for travel operators and airlines, buffeted by the 'Beast from the East' at the beginning of the year, and then by industrial action in Europe, as well as rising oil prices through the summer," said Michael Hewson, an analyst at CMC Markets. 

However, Accor, rose more than 1 per cent. Europe's largest hotels company stuck to its target of doubling core earnings to 1.2 billion euros by 2022. 

Tele2 rallied for a second day, up 7.5 per cent, following a Reuters report that the European Commission was set to approve without conditions the sale of its Dutch business to Deutsche Telekom. 

Following the report, which has rekindled expectations of more dealmaking in the sector, Tele2 said it was optimistic the EU would approve the planned merger. 

Among other top movers on the STOXX were UDG Healthcare , down 6.7 per cent after results. Traders pointed out weak cash flow figures. 




Comments

Post a Comment

Popular posts from this blog

Home births as safe as hospital births: International study suggests

A large international study led by McMaster University shows that low risk pregnant women who intend to give birth at home have no increased chance of the baby's perinatal or neonatal death compared to other low risk women who intend to give birth in a hospital. The results have been published by  The Lancet 's  EClinicalMedicine  journal. "More women in well-resourced countries are choosing birth at home, but concerns have persisted about their safety," said Eileen Hutton, professor emeritus of obstetrics and gynecology at McMaster, founding director of the McMaster Midwifery Research Centre and first author of the paper. "This research clearly demonstrates the risk is no different when the birth is intended to be at home or in hospital." The study examined the safety of place of birth by reporting on the risk of death at the time of birth or within the first four weeks, and found no clinically important or statistically different risk between home...
Post a Comment
Read more

Dark matter may be older than the Big Bang

Dark matter, which researchers believe make up about 80% of the universe's mass, is one of the most elusive mysteries in modern physics. What exactly it is and how it came to be is a mystery, but a new Johns Hopkins University study now suggests that dark matter may have existed before the Big Bang. The study, published August 7 in  Physical Review Letters , presents a new idea of how dark matter was born and how to identify it with astronomical observations. "The study revealed a new connection between particle physics and astronomy. If dark matter consists of new particles that were born before the Big Bang, they affect the way galaxies are distributed in the sky in a unique way. This connection may be used to reveal their identity and make conclusions about the times before the Big Bang too," says Tommi Tenkanen, a postdoctoral fellow in Physics and Astronomy at the Johns Hopkins University and the study's author. While not much is known about its origins,...
Post a Comment
Read more

Scientists challenge notion of binary sexuality with naming of new plant species

A collaborative team of scientists from the US and Australia has named a new plant species from the remote Outback. Bucknell University biology postdoctoral fellow Angela McDonnell and professor Chris Martine led the description of the plant that had confounded field biologists for decades because of the unusual fluidity of its flower form. The discovery, published in the open access journal  PhytoKeys , offers a powerful example of the diversity of sexual forms found among plants. The new species of bush tomato discovered in remote Australia provides a compelling example of the fact that sexuality among Earth's living creatures is far more diverse -- and interesting -- than many people likely realize. Bucknell University postdoctoral fellow Angela McDonnell and biology professor Chris Martine led the study following an expedition last year to relocate populations of the new plant, which were first noted by Australian botanists during the 1970s. Herbarium specimens from th...
Post a Comment
Read more