European shares flat as mixed earnings, U.S.-China tensions weigh
Reuters
Published May 06, 2020 03:38AM ET
(Reuters) - European shares opened little changed on Wednesday as a batch of mixed earnings reports and simmering U.S.-China tensions added to doubts about a swift economic recovery even as many countries eased lockdown measures.
The pan-European STOXX 600 index (STOXX) was flat as losses in oil and gas sector (SXEP), following a recent surge, offset gains in healthcare shares (SXDP).
The global mood also remained fragile as U.S. President Donald Trump again took aim at China, urging it to be transparent about the origins of the novel coronavirus outbreak.
On a busy earnings day, Italy's biggest bank UniCredit (MI:CRDI) posted a 2.7 billion euro ($2.9 billion) loss in the first quarter after writing down loans in anticipation of the damage caused by the pandemic. Its shares fell about 1%.
Norwegian Air (OL:NWC) slumped 12% after saying it would sell new shares at a 79% discount to the latest traded price as it seeks to boost its equity in order to qualify for Norway's government aid package.
Helping keep healthcare shares steady, Denmark's Novo Nordisk (CO:NOVOb) rose 2.1% and German dialysis specialist Fresenius Medical Care (DE:FMEG) gained 2.9% after posting better-than-expected first-quarter profits.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.