AGL 40.18 Increased By ▲ 0.18 (0.45%)
AIRLINK 127.48 Increased By ▲ 0.44 (0.35%)
BOP 6.60 Decreased By ▼ -0.07 (-1.05%)
CNERGY 4.50 Decreased By ▼ -0.01 (-0.22%)
DCL 8.53 Decreased By ▼ -0.02 (-0.23%)
DFML 41.90 Increased By ▲ 0.46 (1.11%)
DGKC 87.56 Increased By ▲ 0.71 (0.82%)
FCCL 32.52 Increased By ▲ 0.24 (0.74%)
FFBL 65.21 Increased By ▲ 0.41 (0.63%)
FFL 10.30 Increased By ▲ 0.05 (0.49%)
HUBC 109.62 Increased By ▲ 0.05 (0.05%)
HUMNL 14.60 Decreased By ▼ -0.08 (-0.54%)
KEL 5.12 Increased By ▲ 0.07 (1.39%)
KOSM 7.56 Increased By ▲ 0.10 (1.34%)
MLCF 41.66 Increased By ▲ 0.28 (0.68%)
NBP 59.89 Decreased By ▼ -0.52 (-0.86%)
OGDC 194.00 Increased By ▲ 3.90 (2.05%)
PAEL 28.21 Increased By ▲ 0.38 (1.37%)
PIBTL 7.77 Decreased By ▼ -0.06 (-0.77%)
PPL 151.82 Increased By ▲ 1.76 (1.17%)
PRL 26.50 Decreased By ▼ -0.38 (-1.41%)
PTC 16.11 Increased By ▲ 0.04 (0.25%)
SEARL 84.80 Decreased By ▼ -1.20 (-1.4%)
TELE 7.70 Decreased By ▼ -0.01 (-0.13%)
TOMCL 35.39 Decreased By ▼ -0.02 (-0.06%)
TPLP 8.12 No Change ▼ 0.00 (0%)
TREET 16.03 Decreased By ▼ -0.38 (-2.32%)
TRG 52.60 Decreased By ▼ -0.69 (-1.29%)
UNITY 26.30 Increased By ▲ 0.14 (0.54%)
WTL 1.25 Decreased By ▼ -0.01 (-0.79%)
BR100 9,953 Increased By 69.4 (0.7%)
BR30 30,908 Increased By 307.7 (1.01%)
KSE100 93,785 Increased By 429.6 (0.46%)
KSE30 29,050 Increased By 119.3 (0.41%)
Markets

European shares slip ahead of trade talks; healthcare stocks drag

The benchmark index erased initial gains to drop 0.2pc by 0830 GMT. European equity markets have fallen more t
Published October 10, 2019
  • The benchmark index erased initial gains to drop 0.2pc by 0830 GMT.
  • European equity markets have fallen more than 3pc in October as a dismal run of economic data.

European shares inched down in early trade on Thursday, hit by a batch of bad news for healthcare companies and a series of new twists in the U.S.-China trade war ahead of top-level negotiations starting later in the day.

Danish biosciences company Chr. Hansen hit a one-and-a-half-year low, sliding to the bottom of the pan-European STOXX 600 index after saying its organic sales growth next year would fall short of long-term guidance.

The benchmark index erased initial gains to drop 0.2pc by 0830 GMT. Healthcare stocks slipped nearly 1pc and were the biggest decliners among the major European sub-sectors.

European equity markets have fallen more than 3pc in October as a dismal run of economic data and the threat of a transatlantic trade war added to U.S.-China trade tensions and Britain's chaotic efforts to leave the EU.

Germany's trade-sensitive DAX index lagged its peers on Thursday after data showed a steeper-than-expected fall in August exports, adding to signs that a manufacturing slump was pushing Europe's biggest economy into recession.

Minister-level trade talks between the United States and China are set to resume for the first time since July as they attempt to end a 15-month trade war that has hurt global growth and dented business confidence.

"I think the worst thing any investor can do right now is to second guess these political events," said Russ Mould, investment director at brokerage AJ Bell, adding that China was "playing a patient game."

In the latest turn of events, China urged the United States on Thursday to stop unreasonable pressure on Chinese companies, including Huawei Technologies.

The South China Morning Post has reported that the two-day negotiations could be cut short by a day while Bloomberg said late on Wednesday that the United States was weighing a currency pact with China as part of a partial deal.

Without significant progress, the next round of U.S. tariff hikes on $250 billion worth of Chinese goods will take effect on Oct. 15.

Dutch health technology company Philips lost 8.1pc as the firm said it would miss its 2019, target for profit margin improvement because of trade tariffs and poor results at its Connected Care arm.

Helping France's CAC 40 rise was a near 4.6pc jump in shares of LVMH, after the Louis Vuitton owner beat sales forecasts for the third quarter.

Shares of rivals Gucci-owner Kering, Burberry , Christian Dior and Moncler climbed  between 1.4pc and 4.5pc.

Comments

Comments are closed.