European shares seek to extend bounce but trade woes weigh

September 11, 2018

MILAN (Reuters) – European shares attempted to extend gains in early trading on Tuesday but uncertainty over a trade dispute between Washington and Beijing continued to keep investors on edge.

The STOXX 600 was up 0.1 percent by 0733 GMT, as gains among oil majors on stronger crude prices offset a weaker basic materials sector. The pan-European index is up more than 1 percent from the five-month lows hit last week.

Germany’s exporter-heavy DAX <.GDAXI> index gained 0.1 percent, while a stronger pound on bets of a Brexit deal weighed on the UK’s FTSE 100, which was down 0.2 percent.

Among single stocks, Amer Sports <AMEAS.HE> rallied 11 percent on takeover talk. Finnish newspaper Kauppalehti cited a Bloomberg story saying Chinese firm Anta Sports Products was considering buying the Finnish company.

Ubisoft <UBIP.PA> was another strong gainer, up 5.2 percent with traders citing a broker upgrade, while solid updates pushed industrial equipment rental firm Ashtead <AHT.L> and asset manager Partners Group <PGHN.S> up 3 and 4 percent respectively.

Steel giant ArcelorMittal <MT.AS> led fallers, down 2.7 percent after it raised its bid for India’s debt-laden Essar Steel in competition with Russia’s VTB <VTBR.MM> and Vedanta Resources <VED.L>.

(Reporting by Danilo Masoni, Editing by Helen Reid)

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September 11, 2018 at 01:15PM
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