European shares dip on trade-war worries; upbeat earnings lift Germany

  • Reuters
  • Stock Market News
European shares dip on trade-war worries; upbeat earnings lift Germany
Credit: © Reuters.

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May 8 (Reuters) - European shares fell on Wednesday for a third day as concern mounted over a U.S.-China trade deal, although positive reports from the likes of Wirecard and Siemens (NS: SIEM ) helped German stocks to rise.

The pan-European STOXX 600 index .STOXX slipped 0.1 percent by 0730 GMT, reaching its lowest in more than four weeks and on course for its fifth decline in this month's six trading days. The blue-chip STOXX 50 .STOXX50E rose 0.1 percent.

Chinese Vice Premier Liu He will travel to Washington on Thursday for two days of trade talks, in a bid to avoid increases in tariffs on Chinese goods that U.S. President Donald Trump had threatened to impose. stocks were also roiled by a European Commission decision on Tuesday to lower its forecasts for euro zone economic growth. DAX .GDAXI outperformed after upbeat earnings reports and data that showed the country's industrial output rose unexpectedly in March. SIEGn.DE climbed 3.6 percent on better-than-expected profit from its industrial business in the second quarter, as the German industrial group began separating and spinning off its struggling power and gas business. company Wirecard WDIG.DE advanced after raising its profit outlook for 2019 as it tried to shake off allegations of fraud and false accounting. shares and Spain-based IT company Amadeus AMA.MC rose 4 percent after upbeat first-quarter results helped technology stocks .SX8P gain the most among European sectors.

Britain's largest distributor of building materials, Travis Perkins TPK.L , was the top percentage gainer after reporting strong first-quarter results. German reinsurer Munich Re MUVGn.DE slid after reporting a 23 percent decline in net profit in the first quarter as a result of higher claims. Italiane's PST.MI slipped 3 percent on falling first-quarter profit as capital gains from government bond sales declined and costs rose.

Britain's Imperial Brands IMB.L dropped after the tobacco company stood by its full-year forecast and reported half-year sales in line with analysts' estimates.

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