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Upbeat earnings boost European shares; trade caution prevails

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European shares weighed down by trade, Brexit worries

underperformed peers after sterling jumped on a report that the European Union was ready to agree to a major concession in Brexit negotiations.

“Markets appear to be making the calculation that even if no deal is agreed by the end of the week or the month, an extension will happen, and a no-deal Brexit avoided, at least in the short term,” CMC Markets analyst Michael Hewson said. The deeply uncertain future for Brexit, coupled with mounting concerns around an economically-damaging Sino-U.S. trade war, has knocked about 3% off the benchmark index in October, erasing all it’s September gains.

Washington’s move to impose visa restrictions on Chinese officials late on Tuesday aggravated worries after the addition of more Chinese companies to a U.S. trade blacklist, making investors skeptical of a quick resolution to the protracted trade war.Companies with strong earnings reports were leading gains on the STOXX 600 index. British bookmaker GVC rose 3.9% after raising its full-year core earnings forecast for the second time in three months.

 

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