imageStock Markets8 hours ago (May 06, 2020 03:40AM ET)

(C) Reuters. The German share price index DAX graph is pictured at the stock exchange in Frankfurt

(Reuters) – European shares opened little changed on Wednesday as a batch of mixed earnings reports and simmering U.S.-China tensions added to doubts about a swift economic recovery even as many countries eased lockdown measures.

The pan-European STOXX 600 index (STOXX) was flat as losses in oil and gas sector (SXEP), following a recent surge, offset gains in healthcare shares (SXDP).

The global mood also remained fragile as U.S. President Donald Trump again took aim at China, urging it to be transparent about the origins of the novel coronavirus outbreak.

On a busy earnings day, Italy’s biggest bank UniCredit (MI:CRDI) posted a 2.7 billion euro ($2.9 billion) loss in the first quarter after writing down loans in anticipation of the damage caused by the pandemic. Its shares fell about 1%.

Norwegian Air (OL:NWC) slumped 12% after saying it would sell new shares at a 79% discount to the latest traded price as it seeks to boost its equity in order to qualify for Norway’s government aid package.

Helping keep healthcare shares steady, Denmark’s Novo Nordisk (CO:NOVOb) rose 2.1% and German dialysis specialist Fresenius Medical Care (DE:FMEG) gained 2.9% after posting better-than-expected first-quarter profits.

European shares flat as mixed earnings, U.S.-China tensions weigh

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

LEAVE A REPLY

Please enter your comment!
Please enter your name here