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European shares swing sideways as Q3 earnings keep rolling in
October 24, 2017 / 7:44 AM / 2 months ago

European shares swing sideways as Q3 earnings keep rolling in

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LONDON, Oct 24 (Reuters) - European bourses and indexes were trading sideways at the opening of markets on Tuesday, as a new set of third-quarter earnings pulled companies’ stocks sharply in different directions.

The pan-European STOXX 600 was broadly flat, up 0.02 percent, with London’s FTSE 100 retreating 0.1 percent, Paris’s CAC 40 rising 0.3 percent and Germany’s DAX flat.

Apple supplier AMS made a spectacular jump after it reported its earnings, rising close to 20 percent in the first minutes of trading before settling around 15 percent higher. “While Q3 is a miss on revenues, the revised guidance for Q4 is way ahead of consensus”, Morgan Stanley said in a research note.

Peers exposed to the iPhone X ramp also rose, with Dialog Semiconductor up 3.3 percent and STMicroelectronics up 0.5 percent.

Spain’s Caixabank lifted the IBEX with a 2.3 percent rise after posting a 53 percent jump in nine-month net profit, ahead of analysts’ forecasts. After lagging behind its peers on Monday due to the Catalan crisis, the IBEX bounced back with a 0.4 percent increase.

In Sweden, mining company Boliden disappointed investors with its trading update and fell more than 9 percent, while on the other hand defence firm Saab rose 5.5 percent after it reported order bookings and profits above market forecasts. (Reporting by Julien Ponthus; Editing by Georgina Prodhan)

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