The Financial Express

European shares rebound on earnings updates disappoint

| Updated: January 18, 2018 12:34:53

File Photo (Collected) File Photo (Collected)

European shares rebounded on Wednesday as earnings updates disappointed the investors, following the US stocks lower trade.

Britain’s Informa dropped 5.4 per cent after it made a paper and cash offer to buy UK event organiser UBM, which shot up 16 per cent, reports Reuters.

Luxury fashion brand Burberry and educational publishing company Pearson were among the top fallers in Europe after disappointing trading updates.

Their losses along with weakness in the heavyweight financial and healthcare sectors dragged the pan-European STOXX 600 index down 0.3 per cent by 0814 GMT. The UK's FTSE also fell by 0.3 per cent.

British contractor Interserve tumbled 10 per cent.

Tech was among the few sectors in positive territory, underpinned by a 3.6 per cent surge in ASML.

Despite Wednesday’s decline, the STOXX remains close to the 2 1/2 year high hit early this month on confidence over the region’s economic recovery and the upcoming earnings season.

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