European Stocks Steady with French Politics in Focus; Nestlé Surges
European stocks fell as investors digested the latest earnings reports and awaited the outcome of a no-confidence vote in France. Nestlé SA jumped 7% as CEO Philipp Navratil accelerated recovery efforts.
The Stoxx 600 was little changed at 8:16 a.m. in London. The personal care and food and beverage sectors outperformed, while travel and leisure stocks weakened.
Among individual stocks, Nordea Bank Abp rose 3%, to its highest level ever, after the lender announced a series of share buybacks and reported loan revenue that beat analysts' estimates. The European stock rally has faltered in recent days as concerns about the U.S.-China trade war eroded risk sentiment. Investors continued to monitor French politics as Prime Minister Sebastien Lecornu awaits two no-confidence votes this morning. Citigroup Inc. strategist Beata Manthey said most major markets had already priced in a better-than-analysts earnings outlook, although the bar for beating estimates "still looks lower in Europe than in the U.S." "Ultimately, we may be preparing for a more volatile phase of the ongoing stock bull market," he wrote in a note. (asd)
Source: Newsmaker.id
