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Lacklustre corporate earnings drag on global share prices

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EV maker Tesla reported its lowest profit margin in more than five years and missed second-quarter earnings estimates. Photograph: The New York Times

Your work questions answered: ‘I have ADHD and so work from home a lot. When I go to the office, nobody speaks to me’Is it cheaper to visit Center Parcs abroad rather than stay in Longford?There were modest gains for agribusiness group Origin Enterprises, which added 0.7 per cent to close at €3.05 per share while shares in airline software company Datalex jumped 0.5 per cent to 42c per share.

Personal goods stocks declined 1.3 per cent. Luxury group Burberry slipped 2.1 per cent after the world’s biggest luxury group LVMH’s sales growth slowed in the second quarter. Ascential, meanwhile, surged by close to 26 per cent to the top of the FTSE 250 after Informa said it had agreed to buy the Cannes Lions Festival owner for £1.2 billion.Weighed down by falling luxury stocks, the blue-chip Stoxx 50 index lost more than 1 per cent while the cross-Continental Stoxx 500 shed 0.7 per cent.

It was a mixed session, meanwhile, for European banks after several big lenders reported numbers on Wednesday. Shares in Spanish lender Santander surged 2.7 per cent after reporting a record net profit, up 20 per cent year-on-year. Shares in Deutsche Bank slid by more than 8 per cent after surprising investors by announcing an axing of plans for another share buyback and a rise in bad loan charges.

 

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