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UPDATE 2-Autos, miners keep European shares in the red as trade jitters resurface

Thu, 31st Oct 2019 09:59

* Shell Q3 profit falls 15%, shares down

* China doubts long-term trade deal with Trump

* STOXX 600 logs second straight monthly gain
(Updates to close, adds comments)

By Shreyashi Sanyal and Agamoni Ghosh

Oct 31 (Reuters) - European shares fell on Thursday, hurt by
losses for miners and automakers as doubts grew over the
prospect of a trade deal between the United States and China,
with weak earnings from oil major Royal Dutch Shell adding to
the gloom.

A Bloomberg report said that China is doubtful of a
long-term trade deal with U.S. President Donald Trump, raising
fresh uncertainty about progress between the two countries after
an interim trade deal was almost finalised.

The report dashed optimism earlier in the session sparked by
the U.S. Federal Reserve lowering borrowing costs for the third
time this year on Wednesday.

The pan-European STOXX 600 index ended 0.5% lower
but logged its second straight monthly gain after an October
packed with corporate earnings reports along with some Brexit
and trade twists.

"The pain inflicted by the trade war on the U.S. economy may
eventually make it more willing to compromise but the question
is how much pain is needed for a full deal to be signed," said
Timme Spakman, economist, international trade analysis at ING.

Tariff-exposed miners were down 1.4%, while
automakers lost 1.3%.

However, the biggest decliners were oil and gas producers
, which fell 1.7% after heavyweight Royal Dutch Shell
slid 4%.

Shell warned uncertain economic conditions could slow its
$25 billion share buyback plan. That followed warnings from BP
and France's Total earlier this week about
lower oil and gas prices hitting margins.

Airlines also posted some disappointing numbers.

Air France-KLM fell 1% after it said slowing
travel demand was likely to hurt ticket sales in the remainder
of the year, while British Airways owner IAG said
industrial action by pilots at the airline had knocked
third-quarter profits.

In the auto sector, a deal between Fiat Chrysler
and Peugeot owner PSA to create the world's
fourth-largest automaker lifted the shares of Fiat Chrysler
8.2%.

However, PSA fell about 13%, after having risen nearly 5% in
the last three sessions in the run-up to the deal.

Spanish utility Enagas jumped 5.5% after a media
report said a Spanish regulator was considering softening
proposed cuts to gas grid returns.
(Reporting by Shreyashi Sanyal in Bengaluru; Additional
reporting by Agamoni Ghosh; editing by Patrick Graham, Arun
Koyyur, Kirsten Donovan)

More News
30 Jan 2024 15:28

UK earnings, trading statements calendar - next 7 days

Wednesday 31 January 
Aberforth Smaller Companies Trust PLCFull Year Results
abrdn Private Equity Opportunities Trust PLCFull Year Results
Ecora Resources PLCTrading Statement
GSK PLCFull Year Results
ITM Power PLCHalf Year Results
NWF Group PLCHalf Year Results
Thursday 1 February 
Airtel Africa PLCTrading Statement
AG Barr PLCTrading Statement
BT Group PLCTrading Statement
Cranswick PLCTrading Statement
Gem Diamonds LtdTrading Statement
Glencore PLCTrading Statement
JTC PLCTrading Statement
Rank Group PLCHalf Year Results
Shell PLCFull Year Results
TClarke PLCTrading Statement
Friday 2 February 
YouGov PLCTrading Statement
Monday 5 February 
Home REIT PLCTrading Statement
Porvair PLCFull Year Results
Trident Royalties PLCTrading Statement
Vodafone Group PLCTrading Statement
Tuesday 6 February 
Alumasc Group PLCHalf Year Results
BP PLCFull Year Results
Filtronic PLCHalf Year Results
Mattioli Woods PLCHalf Year Results
Renishaw PLCHalf Year Results
Virgin Money UK PLCTrading Statement
  
Comments and questions to newsroom@alliancenews.com
  
A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

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29 Jan 2024 17:25

London close: Stocks turn weaker ahead of busy week for earnings

(Sharecast News) - London's stock market saw slight declines by the close on Monday, as investors turned their attention to a week filled with corporate earnings reports and central bank announcements.

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29 Jan 2024 17:02

LONDON MARKET CLOSE: Stocks slightly down pre US Fed, Bank of England

(Alliance News) - Stock prices in London closed mutedly lower on Monday, ahead of a busy week of interest rate decisions and economic data.

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29 Jan 2024 12:02

LONDON MARKET MIDDAY: FTSE 100 nudges higher ahead of rate decisions

(Alliance News) - Stock prices in London were mixed going into Monday afternoon, ahead of a busy week of interest rate decisions and economic data.

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29 Jan 2024 08:41

LONDON MARKET OPEN: BP, Shell higher amid Middle East tensions

(Alliance News) - Stock prices in Europe opened mostly lower, ahead of an important week of central bank decisions and economic data.

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26 Jan 2024 23:06

Equinor, Orsted bid for better contract in NY offshore wind auction

Jan 26 (Reuters) - New York State said on Friday it received bids to supply power from three offshore wind projects in its expedited fourth solicitation that allowed developers to exit old contracts and re-offer projects at higher prices.

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26 Jan 2024 17:02

LONDON MARKET CLOSE: Stocks up as Fed's preferred inflation read cools

(Alliance News) - Stock prices in London closed up on Friday, as investors predicted and responded positively to a cooling inflation read in the US.

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26 Jan 2024 13:16

Equinor sticks to 2030 renewables targets after US wind project reset

OSLO, Jan 26 (Reuters) -

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26 Jan 2024 12:11

LONDON MARKET MIDDAY: China growth measures and LVMH lift mood

(Alliance News) - Stock prices in London were up at midday, with investors optimistic ahead of a key US inflation reading.

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26 Jan 2024 10:03

Equinor sticks to 2030 renewables targets after US wind reshuffle

OSLO, Jan 26 (Reuters) - Norway's Equinor maintains an ambition to reach 12-16 gigawatts (GW) of installed renewable energy capacity by 2030, despite dropping out of some projects in New York, its renewables head told Reuters on Friday.

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26 Jan 2024 08:48

LONDON MARKET OPEN: Oil majors boost FTSE; LVMH lifts Burberry

(Alliance News) - The FTSE 100 looked set to end the week on a high note in early Friday trading, buoyed by strong US economic data and rising oil prices.

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25 Jan 2024 11:00

Big turnout expected in New York offshore wind power auction

Jan 25 (Reuters) - Several offshore wind developers will likely bid in New York's fourth offshore wind solicitation by the Thursday deadline, including units of European energy firms Orsted, Equinor and BP.

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23 Jan 2024 17:25

BP sees Trinidad deepwater gas project getting greenlight as soon as 2025

PORT OF SPAIN, Jan 23 (Reuters) - BP expects the Calypso deepwater natural gas field off Trinidad and Tobago, which it shares with Woodside Energy, to get the greenlight when a final investment decision (FID) is made as early as the end of next year, a company executive said.

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23 Jan 2024 08:47

LONDON MARKET OPEN: Stocks see muted open; oil majors rise

(Alliance News) - Stock prices in London opened largely flat on Tuesday, failing to capitalise on broadly positive market sentiment elsewhere.

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22 Jan 2024 19:33

Trinidad in talks with Europe to supply Venezuelan gas

PORT OF SPAIN, Jan 22 (Reuters) - Trinidad and Tobago has begun talks with some European countries on the supply of liquefied natural gas (LNG) produced from Venezuelan gas, Prime Minister Keith Rowley said on Monday.

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