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European stocks slip as healthcare, real estate sectors weigh

European shares slipped on Wednesday as losses in defensive sectors outweighed optimism over encouraging quarterly results from consumer giant Nestle and telecoms equipment maker Ericsson. The pan-European STOXX 600 slipped 0.3% by 0711 GMT, with the healthcare and real estate sectors falling more than 0.5%.

Reuters | Updated: 21-10-2020 15:47 IST | Created: 21-10-2020 12:52 IST
European stocks slip as healthcare, real estate sectors weigh
Representative image Image Credit: Piqsels

European shares slipped on Wednesday as losses in defensive sectors outweighed optimism over encouraging quarterly results from consumer giant Nestle and telecoms equipment maker Ericsson.

The pan-European STOXX 600 slipped 0.3% by 0711 GMT, with the healthcare and real estate sectors falling more than 0.5%. However, economically sensitive cyclical sectors such as banks and automakers rose as U.S. lawmakers moved closer to deal on a new coronavirus relief package.

Nestle gained 0.6% as it raised its guidance for 2020 organic sales growth, while strong demand for pet food and health products helped quarterly results. Shares in Sweden's Ericsson jumped 7.2% as higher margins and China's 5G rollout helped the company beat quarterly core earnings estimates.

Also Read: European countries face shortages of COVID-19 drug remdesivir


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