BRUSSELS/FRANKFURT/PARIS (Alliance News) – The European markets struggled for the bulk of Tuesday’s session. Disappointing trade data from both China and Germany had a negative impact on investor sentiment. Regional earnings also proved to be a mixed bag.
However, after fluctuating between small gains and losses over the course of the trading day, the European markets climbed into the green in late trade. The move coincided with the S&P 500 and the Dow Jones Industrial average hitting new record highs on Wall Street.
The pan-European Stoxx Europe 600 index advanced 0.18%. The Euro Stoxx 50 index of eurozone bluechip stocks increased 0.28%, while the Stoxx Europe 50 index, which includes some major UK companies, added 0.28%.
The DAX of Germany climbed 0.28% and the CAC 40 of France rose 0.21%. The FTSE 100 of the UK gained 0.14% and the SMI of Switzerland finished higher by 0.08%.
In Frankfurt, Deutsche Post DHL Group increased 1.35%. The company confirmed its FY17 outlook after reporting higher profit in its second quarter with good growth in revenues.
Uniper climbed 3.57% after the conventional-energy company raised the lower end of its outlook for fiscal 2017 adjusted EBIT and also increased its guidance for full-year dividend growth.
In Paris, Air France-KLM rose 0.55% after the airline reported a 4.6% increase in passenger traffic and a 3.0% rise in capacity for July.
In London, Standard Life fell 0.27% after its Global Absolute Return Strategies mandate saw 5.6 billion pounds in net outflows in the first half of the year.
InterContinental Hotels Group dropped 3.90% after reporting slower growth in revenue per room in the second quarter.
Gaming operator Paddy Power sank 4.11% after yesterday’s disappointing results.
Homebuilder Bellway gained 0.59%. The company reported a jump in revenues in the year ending July 31, despite uncertain economic conditions.
Aegon advanced 1.69% in Amsterdam. The insurer has agreed to sell Unirobe Mee?s Groep, an independent financial advisory group, to Aon Groep Nederland for EUR295 million.
Jewelry manufacturer and retailer Pandora plummeted 13.69% in Copenhagen after its second-quarter revenue and profits missed analyst expectations.
Nokian jumped 6.57% in Helsinki after reporting better-than-expected quarterly profit on higher Russian demand and a stronger ruble.
German exports declined the most in nearly two years in June and imports logged the biggest contraction since 2009, lifting the trade surplus to a higher level.
Exports fell unexpectedly by 2.8% in June from May, when they climbed 1.5%, data from Destatis showed Tuesday. This was the biggest fall since August 2015, when shipments slid 5.4%.
At the same time, imports decreased 4.5%, in contrast to May’s 1.3% increase.
Imports fell for the first time in four months, logging the sharpest contraction since January 2009. Both exports and imports were expected to gain 0.2% each in June.
As a result, the trade surplus increased to a seasonally adjusted EUR21.2 billion from EUR20.3 billion in May.
The French trade deficit widened in June, data from the customs office showed Tuesday. The trade shortfall increased to EUR4.66 billion from EUR4.43 billion in May. The deficit was forecast to widen to EUR5.05 billion.
France’s current account deficit increased in June from a month earlier, data from the Bank of France showed Tuesday. The current account deficit rose to EUR2.1 billion in June from EUR1.9 billion in May.
Like-for-like sales in the UK were up 0.9% on year in July, the British Retail Consortium said on Tuesday, in line with expectations and slowing from 1.2% in June. Overall retail sales in the UK were up 1.4% on year.
China’s trade surplus increased in July despite a slowdown in exports growth, official data showed Tuesday.
Exports increased 7.2% year-on-year in July, the General Administration of Customs reported. Shipments were forecast to advance 11% after climbing 11.3% in June.
At the same time, imports grew 11% but weaker than June’s 17.2% expansion. Economists had forecast a faster growth of 18%.
Consequently, the trade surplus widened to USD46.7 billion in July from USD42.7 billion in June. This was also above the expected level of USD45 billion.
Copyright RTT News/dpa-AFX