European Shares Edge Lower As Focus Shifts To Trade

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(RTTNews.com) - European stocks were subdued on Thursday as the euro bounced back from four-month lows against the dollar and investors awaited the outcome of Sino-U.S. trade talks.

The British pound weakened slightly after the release of disappointing services sector data. The IHS Markit/Chartered Institute of Procurement & Supply services Purchasing Managers' Index rose to 52.8 in April from 51.7 in March. Nonetheless, the reading was below the forecast of 53.5.

Separately, Eurozone inflation eased slightly in April on slower increase in services cost, Eurostat reported. Inflation eased to 1.2 percent in April from 1.3 percent in March. The rate was expected to remain unchanged at 1.3 percent.

The pan-European Stoxx Europe 600 index was down 0.2 percent at 386.59 in late opening deals after rising 0.6 percent the previous day.

The German DAX and France's CAC 40 index were up around 0.2 percent while the U.K.'s FTSE 100 was marginally higher, led by commodity-related stocks.

Logitech International soared 7 percent. After posting better-than-expected quarterly results, the Swiss provider of personal computer and mobile accessories said it aims to increase its profitability target in the future.

Germany's Vonovia fell 1.5 percent, Fresenius slid 0.3 percent and Fresenius Medical Care declined almost 2 percent on positing disappointing results.

Deutsche Bank advanced 0.7 percent on a Wall Street Journal report that it has agreed to pay former executive Colin Fan roughly $6 million to settle his suit against the firm.

Osram rallied 3.8 percent. The German lighting manufacturer is acquiring US-based Vixar Inc., which has specialist capabilities in the field of VCSEL.

Thales climbed more than 2 percent in Paris. The French technology company posted 4.1 growth in sales for the first quarter of 2018, with a 34 percent increase in order intake.

Oil majors BP Plc, Royal Dutch Shell and Tullow Oil all rose about half a percent.

In the mining sector, Glencore advanced 1.3 percent after saying it expects 2018 earnings from its trading division to be at the top end of its previously forecast range.

Smith & Nephew shares plummeted 6 percent after the British firm cut its forecast for full-year underlying revenue growth and profit margin.

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This article appears in: Stocks , World Markets , Politics , Oil

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