Insider Business European shares flat as U.S. job data boost fades

European shares flat as U.S. job data boost fades

European shares were mixed on Monday morning as optimism fueled by a buoyant U.S. labour market and manufacturing faded, while a flurry of corporate news triggered sharp individual moves.

The pan-European STOXX 600 was down 0.02 percent at 0933 GMT and regional indexes got off to a choppy start.

Shares of Germany payment company Wirecard soared 12.8 percent after it said its law firm found no conclusive evidence of criminal misconduct. The Financial Times last week alleged financial wrongdoing at its Singapore office.

Iron ore pellet producer Ferrexpo dropped 8 percent after its auditors received statements from a charity containing “unexplained discrepancies”.

Denmark’s DSV fell 3.5 percent after its bid for Swiss freight forwarder Panalpina (off 8.3 percent) hit a road block when Panalpina’s top shareholder rejected the offer.

Shares in Pan-European stock market operator Euronext were up 1 percent up after it said it may sweeten its offer for Oslo Bors VPS as Nasdaq made a rival bid.

Julius Baer fell more about 5 percent after announcing cost cuts as profit missed expectations.

Ryanair shares were down 3.2 percent after the Irish budget airline reported a 20 million-euro ($22.9 million) loss in the third quarter. Citi analysts said they expected the market to focus on weak prospects for fare pricing and full-year guidance.

Rival EasyJet didn’t benefit from its rival’s loss and shed 2.5 percent.

Oil prices were at their highest so far this year as OPEC-led supply cuts and U.S. sanctions against Venezuela’s petroleum industry tightened markets.

“The commodity price appreciation was bad news for fuel-hungry airlines”, commented Russ Mould, investment director at AJ Bell.

Corporate news is set to intensify throughout the week with trading updates on Wednesday and Thursday, notably from BNP Paribas and ING among banks and Sanofi and GlaxoSmithKline for pharmaceuticals.

(Reuters)

Top Stories

New covid cases on Thursday are 121, out of 2,530 tests

The Health Ministry on Thursday announced 121 new COVID-19 cases out of a total of 2,530  laboratory tests, taking confirmed infections to 4,051. The break-down...

Greece introduces regional lockdown in north after COVID-19 spike

Greece will impose regional lockdowns on its second-largest city of Thessaloniki and two other regions from Friday after a spike in cases of COVID-19, the...

France attack: Church sexton had throat slit while preparing for Mass

As he did every day, the sexton of the Notre Dame church in the French city of Nice opened up the doors around 8:30...

Man operating motorised parachute seriously injured

A man operating a motorised parachute on Thursday afternoon suffered serious injuries after he fell violently on the ground under circumstances which are investigated. The...

Second covid-19 test by FM Christodoulides negative again

A second coronavirus diagnostic test submitted on Thursday by Minister of Foreign Affairs Nikos Christodoulides after one of his close associates was diagnosed with...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...