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European shares calm as investors seek any signs of trade deal progress

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By Reuters
European shares calm as investors seek any signs of trade deal progress
FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, November 25, 2019. REUTERS/Staff   -   Copyright  STAFF(Reuters)

(Reuters) – European shares were little changed on Tuesday after a strong start to the week, as investors sought concrete signs of any progress in trade talks between the United States and China.

The pan-European STOXX 600 index <.STOXX> was flat at 0803 GMT, after gaining more than 1% on Monday following a report that the two sides were close to a trade agreement.

China’s Commerce Ministry said on Tuesday that top trade negotiators from both countries had reached a consensus on “resolving relevant problems” on a phone call, but gave no indication on the timing of a deal.

Shares of Compass Group Plc <CPG.L> fell 6% after it said deteriorating business and consumer confidence in Europe had hurt volumes and margins at its unit that provides catering services to companies.

The stock pushed the wider travel & leisure sector <.SXTP> down 2%.

French car parts maker Faurecia <EPED.PA> jumped 4%. The company said it was targeting record sales, profits and cash generation in 2022, partly due to the boost from its acquisition of Japanese company Clarion.

(Reporting by Sagarika Jaisinghani in Bengaluru; Editing by Bernard Orr)