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European Equities Down as Investors Await US-China Trade Talks Outcome

By Investors Hub

European stocks have moved to the downside on Thursday as the euro has bounced back from four-month lows against the dollar and investors await the outcome of U.S.-China trade talks.

While the U.K.?s FTSE 100 Index has edged down by 0.1 percent, the French CAC 40 Index is down by 0.3 percent and the German DAX Index is down by 0.4 percent.

The British pound weakened slightly after the release of disappointing services sector data. The IHS Markit/Chartered Institute of Procurement & Supply services Purchasing Managers’ Index rose to 52.8 in April from 51.7 in March. Nonetheless, the reading was below the forecast of 53.5.

Separately, Eurozone inflation eased slightly in April on slower increase in services cost, Eurostat reported. Inflation eased to 1.2 percent in April from 1.3 percent in March. The rate was expected to remain unchanged at 1.3 percent.

Smith & Nephew shares have plummeted after the British firm cut its forecast for full-year underlying revenue growth and profit margin.

Germany’s Vonovia, Fresenius and Fresenius Medical Care have also moved to the downside after reporting disappointing results.

Meanwhile, Logitech International has soared. After posting better-than-expected quarterly results, the Swiss provider of personal computer and mobile accessories said it aims to increase its profitability target in the future.

Deutsche Bank has also advanced on a Wall Street Journal report that the bank has agreed to pay former executive Colin Fan roughly $6 million to settle his suit against the firm.

Osram has rallied on news the German lighting manufacturer is acquiring U.S.-based Vixar Inc., which has specialist capabilities in the field of VCSEL.

In the mining sector, Glencore has advanced after saying it expects 2018 earnings from its trading division to be at the top end of its previously forecast range.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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