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European shares retreat as trade fears, sanctions on Russia weigh

German sportswear firm Adidas posted the best performance after it reported a better-than-expected second quarter and saw its shares jump 9 percent.


Reuters 09 Aug 2018, 07:50 AM

European shares retreated across a number of sectors on Thursday as a new batch of corporate earnings triggered sharp price swings but failed to dispel fears about a tense geopolitical context with the China-U.S. trade tensions and new sanctions against Russia.

At 0725 GMT, the pan-European STOXX 600 was down 0.4 percent with heavy losses in Paris and London where the CAC 40 and the FTSE both slipped 0.6 percent.

The on-going corporate season also prompted steep moves among companies publishing second-quarter results.

German sportswear firm Adidas posted the best performance after it reported a better-than-expected second quarter and saw its shares jump 9 percent.

Still, in Germany, TUI shares fell 8 percent after its third-quarter results disappointed as it blamed a summer heatwave keeping Europeans at home instead of traveling.

Investors also welcomed news that the chief executive of Pandora's CEO was stepping down, days after a profit warning and announcement of job cuts.

Shares in the Danish jewelry maker surged 6.5 percent.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


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