European Shares Mixed In Cautious Trade

European stocks were mixed on Tuesday after separate reports showed German investor morale fell in July and a key measure of British wages matched its highest growth rate on record, keeping pressure on the Bank of England to raise already high interest rates.

Expectations of an imminent end to U.S. rate hikes and news of extended financial support to China’s property sector helped limit regional losses, if any.

The pan European STOXX 600 edged up 0.1 percent to 449 after rising 0.2 percent in the previous session.

The German DAX was marginally lower, France’s CAC 40 rose half a percent and the U.K.’s FTSE 100 was down half a percent.

Euro zone bonds held steady, and the euro hovered near a two-week high against a weak dollar ahead of key U.S. inflation data due on Wednesday.

Chipmaker Nordic Semiconductor ASA plunged 6 percent after reporting its second quarter and first half results.

Kingspan Group shares soared 12.3 percent. The building materials manufacturer said it expects a trading profit of nearly 435 million euros for the first half, slightly higher than 434 million euros reported in the comparable period last year.

Galliford Try Holdings jumped 3 percent. The construction company said that it expects to post its full year pre-exceptional profit before tax at the upper end of current analysts’ forecasts, reflecting a strong performance across all its operations with increased revenue.

REIT British Land rallied 2 percent. In its operational update ahead of the annual general meeting, the company said it continues to see strong operational momentum in the business with good leasing activity, despite ongoing macroeconomic uncertainty.

Renault Group fell about 1 percent. The French car maker has signed a binding 50/50 joint venture agreement with China’s Geely Automobile Holdings to launch a new powertrain technology company.

Daimler Truck Holding rose 1.2 percent after the company increased its fiscal year 2023 guidance and announced 2 billion euros share buyback program.

Wind turbine manufacturing firm Nordex SE rallied 3.7 percent after saying it had secured additional wind farm orders at the end of the second quarter in the Mediterranean region.

Evotec SE jumped nearly 5 percent after entering into a global license agreement with Bristol Myers Squibb Company for selected late-stage discovery programs within neuroscience.

Source: Read Full Article