European stocks close lower as trade concerns weigh; Ericsson down 11%

Wednesday, 17 July 2019 23:27 WIB

EropaIndeks Stoxx Europe 600


European stocks lost value by the end of trade Wednesday as trade concerns continued to weigh on global markets while earnings season gathered pace.

The pan-European Stoxx 600 provisionally traded 0.36% lower during the session, with oil and gas stocks slipping almost  2% but food and beverage stocks clawing a 0.5% rise.

Meanwhile, earnings are also in focus for investors. In Europe, Swedish Orphan Biovitrum shares rallied 10% after the company forecast full-year profit and sales growth. Shares of Swiss watchmaker Swatch Group climbed after it issued guidance for strong growth ahead despite a fall in first-half profits.

Swedish manufacturer Dometic Group saw its shares tumble 6.7% following disappointing second-quarter earnings, while telecoms equipment maker Ericsson dropped 11.2% after warning that the costs of winning new network business may negatively impact its profit margins in the second half of the year.

Swedbank also slipped sharply after it cut its dividend amid uncertainties over its exposure to a Baltic money-laundering scandal.

Source: CNBC


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