European shares retreat as trade fears, sanctions on Russia weigh
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LONDON (Reuters) – European shares retreated across a number of sectors on Thursday as a new batch of corporate earnings triggered sharp price swings but failed to dispel fears about a tense geopolitical context with the China-U.S. trade tensions and new sanctions against Russia.
At 0725 GMT, the pan-European STOXX 600 <.STOXX> was down 0.4 percent with heavy losses in Paris and London where the CAC 40 <.FCHI> and the FTSE <.FTSE> both slipped 0.6 percent.
The on-going corporate season also prompted steep moves among companies publishing second-quarter results.
German sportswear firm Adidas <ADSGn.DE> posted the best performance after it reported a better-than-expected second quarter and saw its shares jump 9 percent.
Still in Germany, TUI <TUIT.L> shares fell 8 percent after its third-quarter results disappointed as it blamed a summer heatwave keeping Europeans at home instead of travelling.
Investors also welcomed news that the chief executive of Pandora’s CEO was stepping down, days after a profit warning and announcement of job cuts.
Shares in the Danish jewellery maker surged 6.5 percent.
