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European Equities Inch Higher in Cautious Trade

By Investors Hub

European stocks inched higher in cautious trade on Wednesday as investors kept an eye on the U.S.-China trade talks, political developments in the U.S and the latest FOMC minutes from the Fed meeting earlier this month.

Brexit talks also remained in focus as the EU and U.K. enter the final stages of talks over foreign policy, security and economic relationship.

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The pan-European Stoxx Europe 600 index was little changed at 384.01 in late opening deals after rising 0.2 percent in the previous session.

The German DAX was largely unchanged, while France’s CAC 40 index and the U.K.’s FTSE 100 were up around 0.2 percent.

German automotive manufacturing company Continental AG slumped more than 11 percent. The company cut its FY18 guidance, citing higher costs and unspecified warranty claims.

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Denmark’s Jyske Bank fell almost 5 percent despite the company posting surprisingly strong results for the second quarter.

Pharmaceutical giant GlaxoSmithKline edged up slightly in London after reports that it is seeking initial bids by mid-September for its $4.3 billion Indian consumer-health unit, which owns the popular malted milk brand Horlicks.

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Department store chain Debenhams rallied 1.8 percent after appointing Rachel Osborne as Chief Financial Officer, effective 17 September 2018.

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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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