London — European shares eked out small gains on Tuesday as talk of progress in China-US trade talks was offset by mixed corporate earnings, while sterling held below $1.30 ahead of another crucial Brexit vote.
In Switzerland, drug maker Novartis raised its 2019 target and reported better-than-expected revenue, while Apple supplier AMS slipped 3.7%, reversing an earlier rise as demand from smartphone makers boosted operating profit. “This week is an important week for earnings,” said Andrew Milligan, head of global strategy at Aberdeen Standard Investments. “We’ve seen a lot of talk on Brexit and trade talks and the new news is the earnings and the signal they give for the future. We’ve broadly priced in that earnings will be slightly positive for the year, but everyone is seeing how monetary policy stabilises the situation.
Meanwhile, eurozone government bonds dipped before votes in Britain’s parliament, crucial to determining whether the country can leave the EU in an orderly way at the end of the month. Ten-year government bond yields across the eurozone were down one basis point on the day. Germany’s 10-year yield was at -0.35%, near three-month highs.
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