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European shares stabilise after four-day losing streak

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By Reuters
European shares stabilise after four-day losing streak
FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, December 3, 2019. REUTERS/Staff   -   Copyright  STAFF(Reuters)
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(Reuters) – European shares edged higher on Wednesday, after a four-day slump, as gains in technology stocks and encouraging China services sector data helped offset more worries around the U.S.-China trade dispute.

The pan-European STOXX 600 index <.STOXX> rose 0.2% by 0812 GMT, after hitting a one-month low on Tuesday following U.S. President Donald Trump’s remarks that a trade agreement with China might have to wait until after the U.S. presidential election in November 2020.

Trade-sensitive German shares <.GDAXI>, up about 0.2%, also recovered from a 1-month low, with chipmakers including Infineon Technologies <IFXGn.DE> and STMicroelectronics <STM.PA> gaining after upbeat earnings forecast from U.S. peer Microchip Technology <MCHP.O>.

Shares in Airbus <AIR.PA> rose 0.6% after winning an order from U.S. carrier United Airlines <UAL.O>.

A big decliner was French telecom company Orange <ORAN.PA>, sliding 3.9%, after traders pointed to disappointment over the firm’s dividend outlook even as it announced plans to carve out its mobile towers in most European countries where it is present.

(Reporting by Sruthi Shankar in Bengaluru; editing by Uttaresh.V)