Earnings a drag on European shares, though Vodafone boosts FTSE to fresh record
LONDON: European shares retreated early on Tuesday as disappointing earnings updates weighed on banks and pharma firms, though a well-received update from Vodafone helped the FTSE 100 touch a record high.
The pan-European STOXX 600 index was down 0.1 percent, and Germany's DAX traded flat.
The FTSE 100 index rose 0.2 per cent, however, buoyed by a 3.6 per cent rise in Vodafone, which jumped after reporting its full-year earnings.
Healthcare was among the weakest European sectors, dragged down by a near 8-per cent drop in BTG's shares after the biotech firm published its full year figures.
Likewise disappointing updates also hit shares in budget airline easyJet, support services firm DCC and lender CYBG, which were all weaker.
Banking stocks were the biggest weight, with Spain's Banco Popular down more than 4 per cent and UBS falling nearly 2 per cent, extending losses from the previous session after Singapore sovereign wealth fund GIC Private Limited cut its stake in the Swiss bank at a loss.
The pan-European STOXX 600 index was down 0.1 percent, and Germany's DAX traded flat.
The FTSE 100 index rose 0.2 per cent, however, buoyed by a 3.6 per cent rise in Vodafone, which jumped after reporting its full-year earnings.
Healthcare was among the weakest European sectors, dragged down by a near 8-per cent drop in BTG's shares after the biotech firm published its full year figures.
Likewise disappointing updates also hit shares in budget airline easyJet, support services firm DCC and lender CYBG, which were all weaker.
Banking stocks were the biggest weight, with Spain's Banco Popular down more than 4 per cent and UBS falling nearly 2 per cent, extending losses from the previous session after Singapore sovereign wealth fund GIC Private Limited cut its stake in the Swiss bank at a loss.