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European shares break losing streak as cyclicals jumps

| Updated: November 17, 2017 15:16:03


File Photo (Reuters) File Photo (Reuters)

European shares rebounded on Thursday to longest losing streak since October 2016 as the cyclical sectors which had driven a market-wide sell-off made a comeback.

The German share price index, DAX board, is seen at the stock exchange in Frankfurt, Germany, November 15, 2017, reports Reuters.

The pan-European STOXX 600 index climbed 0.4 per cent, with the cyclicals-heavy DAX .GDAXI up 0.5 per cent while Britain's FTSE 100 .FTSE and Italy's top stock index .FTMIB lagged, trading flat.

Financial services, autos and technology sectors were among the best-performing, driving the market higher while recovering oil prices also helped support energy stocks.

Investors continued to digest a raft of earnings updates, with most of the top movers reacting to results.

French telecoms firm Bouygues led gains, up 4.2 per cent after raising its profitability goal for the year, buoyed by a robust 37 per cent jump in nine-month operating profits.

Facilities and catering firm Sodexo however fell 4.0 per cent as traders and analysts expressed disappointment over its margin guidance and annual revenues coming in slightly below consensus forecasts.

Swedish appliances maker Electrolux fell 2.9 per cent despite saying it expected home appliances markets to grow in 2018.

The results were overshadowed by industry data showing home appliance shipments in the United States, a major market for Electrolux, fell 1.3 per cent year-on-year in October.

Troubled British engineer GKN sank 7.9 per cent, the top faller after it announced a further write-off.

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