AGL 40.18 Increased By ▲ 0.18 (0.45%)
AIRLINK 127.31 Increased By ▲ 0.27 (0.21%)
BOP 6.61 Decreased By ▼ -0.06 (-0.9%)
CNERGY 4.49 Decreased By ▼ -0.02 (-0.44%)
DCL 8.53 Decreased By ▼ -0.02 (-0.23%)
DFML 41.84 Increased By ▲ 0.40 (0.97%)
DGKC 87.60 Increased By ▲ 0.75 (0.86%)
FCCL 32.70 Increased By ▲ 0.42 (1.3%)
FFBL 65.01 Increased By ▲ 0.21 (0.32%)
FFL 10.27 Increased By ▲ 0.02 (0.2%)
HUBC 109.75 Increased By ▲ 0.18 (0.16%)
HUMNL 14.64 Decreased By ▼ -0.04 (-0.27%)
KEL 5.12 Increased By ▲ 0.07 (1.39%)
KOSM 7.57 Increased By ▲ 0.11 (1.47%)
MLCF 41.64 Increased By ▲ 0.26 (0.63%)
NBP 59.71 Decreased By ▼ -0.70 (-1.16%)
OGDC 193.72 Increased By ▲ 3.62 (1.9%)
PAEL 28.25 Increased By ▲ 0.42 (1.51%)
PIBTL 7.75 Decreased By ▼ -0.08 (-1.02%)
PPL 151.80 Increased By ▲ 1.74 (1.16%)
PRL 26.46 Decreased By ▼ -0.42 (-1.56%)
PTC 16.11 Increased By ▲ 0.04 (0.25%)
SEARL 84.20 Decreased By ▼ -1.80 (-2.09%)
TELE 7.68 Decreased By ▼ -0.03 (-0.39%)
TOMCL 35.39 Decreased By ▼ -0.02 (-0.06%)
TPLP 8.11 Decreased By ▼ -0.01 (-0.12%)
TREET 16.00 Decreased By ▼ -0.41 (-2.5%)
TRG 52.60 Decreased By ▼ -0.69 (-1.29%)
UNITY 26.31 Increased By ▲ 0.15 (0.57%)
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%)

European shares fell on Thursday, hurt by losses for miners and automakers as doubts grew over the prospect of a trade deal between the United States and China, with weak earnings from oil major Royal Dutch Shell adding to the gloom. A Bloomberg report said that China is doubtful of a long-term trade deal with US President Donald Trump, raising fresh uncertainty about progress between the two countries after an interim trade deal was almost finalised.

The report dashed optimism earlier in the session sparked by the US Federal Reserve lowering borrowing costs for the third time this year on Wednesday. The pan-European STOXX 600 index ended 0.5% lower but logged its second straight monthly gain after an October packed with corporate earnings reports along with some Brexit and trade twists. "The pain inflicted by the trade war on the US economy may eventually make it more willing to compromise but the question is how much pain is needed for a full deal to be signed," said Timme Spakman, economist, international trade analysis at ING.

Tariff-exposed miners were down 1.4%, while automakers lost 1.3%. However, the biggest decliners were oil and gas producers, which fell 1.7% after heavyweight Royal Dutch Shell slid 4%. Shell warned uncertain economic conditions could slow its $25 billion share buyback plan. That followed warnings from BP and France's Total earlier this week about lower oil and gas prices hitting margins.

Airlines also posted some disappointing numbers. Air France-KLM fell 1% after it said slowing travel demand was likely to hurt ticket sales in the remainder of the year, while British Airways owner IAG said industrial action by pilots at the airline had knocked third-quarter profits. In the auto sector, a deal between Fiat Chrysler and Peugeot owner PSA to create the world's fourth-largest automaker lifted the shares of Fiat Chrysler 8.2%.

However, PSA fell about 13%, after having risen nearly 5% in the last three sessions in the run-up to the deal. Spanish utility Enagas jumped 5.5% after a media report said a Spanish regulator was considering softening proposed cuts to gas grid returns.

Copyright Reuters, 2019

Comments

Comments are closed.