Latest News

UK News

Click Here to read UK News

Forex News

Click Here to read Forex News

Market News

Click Here to read Market News

Irish News
European shares slip, Daimler drags on Germany
Published at 14/11/2019 at 08:33

(For a live blog on European stocks, type LIVE/ in an Eikon news window)

Nov 14 (Reuters) - European shares dipped lower in early trade on Thursday, as a drop in Daimler shares and lackluster economic data from Asia as well as Europe, checked any gains from a handful of positive corporate updates.

By 0819 GMT, the pan-European STOXX 600 index fell 0.2%, with German shares dropping 0.4%.

Daimler slumped more than 3% after the German carmaker said tougher emissions rules will hit earnings in 2020 and 2021, forcing it to seek more than 1 billion euros in personnel cuts at Mercedes-Benz Cars by end of 2022.

Earlier, data showed Germany's output grew 0.1% in the third quarter compared with the previous three months, defying investors expectation that Europe's economic powerhouse will slide into a recession.

However, the numbers were not strong enough to dispel growth fears as China's factory output growth slowed significantly more than expected in October and Japan's economy ground to a near standstill.

Shares in genetic testing company Qiagen shot to the top of the STOXX 600, jumping 12.4% after Bloomberg reported scientific instruments maker Thermo Fisher Scientific had approached company about a potential deal.

British luxury brand Burberry's shares rose 8.7% after it said the popularity of collections by designer Riccardo Tisci boosted sales in its second quarter.

(Reporting by Sruthi Shankar in Bengaluru; Editing by Bernard Orr)

((; within U.S. +1 646 223 8780; outside U.S. +91 80 6749 6328;))