Financials support European shares as H&M tumbles after results
Reuters|
Updated: Sep 28, 2017, 02.48 PM IST
MILAN: European shares were little changed in opening deals on Thursday as gains in financial stocks provided support, while fashion group H&M fell after underwhelming results.
The heavyweight banking sector rose 0.7 per cent to fresh seven week highs, buoyed by expectations of monetary policy tightening following hawkish remarks from Federal Reserve Chair Janet Yellen earlier this week.
Banking gains helped offset declines among basic resources stocks on the back of weaker copper prices.
By 0715 GMT the pan-European STOXX 600 index was little changed, hovering just below the 2 month highs hit in the previous session in anticipation of the big tax overhaul proposed by US President Donald Trump.
H&M was the biggest loser on the STOXX, down more than 5 per cent.
The Swedish company reported a marginally smaller fall than expected in quarterly pretax profit and said sales had slowed somewhat toward the end of September.
The heavyweight banking sector rose 0.7 per cent to fresh seven week highs, buoyed by expectations of monetary policy tightening following hawkish remarks from Federal Reserve Chair Janet Yellen earlier this week.
Banking gains helped offset declines among basic resources stocks on the back of weaker copper prices.
By 0715 GMT the pan-European STOXX 600 index was little changed, hovering just below the 2 month highs hit in the previous session in anticipation of the big tax overhaul proposed by US President Donald Trump.
H&M was the biggest loser on the STOXX, down more than 5 per cent.
The Swedish company reported a marginally smaller fall than expected in quarterly pretax profit and said sales had slowed somewhat toward the end of September.
