String of weak earnings leave European stocks barely up on the week

Gloomy earnings reports from French carmaker Renault and food group Danone drove European shares lower on Friday, rounding off a tumultuous week that left investors waiting anxiously for the next twist in the Brexit saga.[BENGALURU] Gloomy earnings reports from French carmaker Renault and food group Danone drove European shares lower on Friday, rounding off a tumultuous week that left investors waiting anxiously for the next twist in the Brexit saga.

The warning pushed the wider auto and auto parts index to its biggest percentage drop in two-and-a-half weeks, with added pressure from Sweden's Volvo AB forecasting a demand slump on both sides of the North Atlantic next year.Volvo's shares settled up 2.4 per cent after falling as much as 5 per cent as investors chose to focus on its forecast-beating earnings.The biggest drag on the main index was an 8.

"Whatever happens at the weekend it is unlikely to be the end of this saga," Michael Hewson, chief market analyst at CMC Markets, said. Investor focus now turns to the third-quarter earnings season, which kicks off in earnest next week. An earnings recession in Europe is expected to deepen in the third quarter, according to IBES data from Refinitiv.

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