25th Jul 2018 10:53
BRUSSELS/FRANKFURT/PARIS (Alliance News) - European stocks were moving in a narrow range on Wednesday at midday, as investors digested a slew of mixed earnings reports and looked ahead to a key meeting between US President Donald Trump and European Commission President Jean-Claude Juncker on trade for direction.
Weak German business sentiment data also weighed on markets. According to survey results from Ifo Institute, The German business confidence index fell to 101.7 in July from 101.8 in June. Analysts expected the score to fall to 101.5.
Companies were slightly more satisfied with their current business situation, but scaled back their business expectations slightly, Ifo President Clemens Fuest, said.
The pan-European Stoxx Europe 600 index was virtually unchanged at 388.24, the German DAX was declining 0.2% and the UK's FTSE 100 was losing 0.6%, while France's CAC 40 index was moving up 0.3%.
Ageas soared 5% after reports that Fosun International is considering an offer for all or parts of the Belgian insurer Ageas.
Italian telecom giant Telecom Italia advanced over 1%. The company said it would consider strategic options for its subsidiaries and would press ahead with the sale of its stake in broadcasting unit Persidera.
Swiss drug ingredients maker Lonza climbed 6% after reporting a surge in half-year profit on strong sales.
Drug company Indivior plunged as much as 21% in London. The company has warned of a bigger-than-expected hit from the launch of a copycat of its opioid addiction treatment.
BHP Billiton lost 1.3% amid potential disruption to production at Chile's Escondida copper mine.
Miner Antofagasta shed 1.2% on reporting an 8.5% fall in copper production for the first six months of the year.
Tullow Oil jumped 2.8% as oil prices rose for a second straight session on data showing a fall in US inventories.
Irish low-cost airline Ryanair Holdings rose 4% after its board approved a plan to cut its Dublin based fleet to at most 24 from 30 aircraft for the winter 2018 season.
British broadcaster ITV advanced 1.6% after reporting a rise in first-half profits and revenues.
French metals group Eramet slumped 17%. The company has warned that current favorable markets could be hurt by rising tensions and uncertainty in international trade relations.
Luxury goods conglomerate LVMH jumped more than 2% on posting robust first-half results. Gucci owner Kering rallied 2.8%.
German lender Deutsche Bank dropped 1.2% after its net income for the second quarter of 2018 fell 14% from last year, hit by lower revenues amid weakness in its core businesses.
Sergio Marchionne, the former head of Italian-American carmaker Fiat Chrysler, who stepped down Saturday due to ill health, has died aged 66, his former company said Wednesday.