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Real-time Estimate Quote. Real-time Estimate TTMzero - 06/15 09:55:53 am
4158.45 PTS   +0.62%
02:37aAsian shares mixed, dollar strong as investors eye Fed meeting
02:13aAsian shares mixed, dollar strong as investors eye Fed meeting
06/14EURO STOXX 50 Index Ends 0.14% Higher at 4132.67 -- Data Talk
SummaryMost relevantAll NewsOther languagesNews of the index componentsMarketScreener Strategies

European stocks fall as healthcare, construction sectors drag

10/21/2020 | 12:35pm EDT
FILE PHOTO:  The German share price index DAX graph at the stock exchange in Frankfurt

(Reuters) - European shares fell for a third straight session on Wednesday, as losses in healthcare and construction stocks countered a lift from encouraging earnings from consumer giant Nestle and telecoms equipment maker Ericsson.

The pan-European STOXX 600 fell 1.3% to close at its lowest in more than two weeks.

Losses were broad-based with only the basic material sector in the green, supported by rising copper prices.

Nestle lifted its 2020 sales forecast following a quarterly beat, but shares inched lower after early gains.

Sweden's Ericsson jumped 9.6% as higher margins and China's 5G rollout helped the company beat quarterly core earnings estimates.

"Earnings have been generally well above expectations, and guidance has been a positive surprise," said Patrick Moonen, principal strategist in the multi-asset team at NN Investment Partners.

"But there are other elements that are currently at play and may have a bigger impact on the market performance than earnings," he said, pointing to many European countries reimposing mobility restrictions following a surge in COVID-19 cases that could weigh on fourth-quarter economic activity.

The STOXX 600 has struggled to break out of a trading range since June, when it recouped a large part of the early pandemic-driven losses. The benchmark is still about 16% below its all-time high.

Capital Economics expects the new containment measures to cause the euro-zone economy to stagnate over the next six months, resulting in only a slight increase in GDP on a quarter-on-quarter basis in the fourth quarter and zero growth in the first quarter of next year.

London's exporter-heavy FTSE 100 underperformed, marking its worst session in a month, hit by a surge in pound after bullish Brexit comments.

Vivendi rose 1.6% after the French media group reported a bigger-than-expected quarterly sales and unveiled plans to list its most-prized asset, Universal Music Group, in 2022.

Third-quarter profits for companies on the STOXX 600 are expected to drop 34.8%, according to Refinitiv data, a slight improvement from the 36.7% predicted at the start of the earnings season.

Of the 29 companies that reported so far, 75.9% have topped earnings expectations.

Gold miner Centamin Plc slumped 19% to the bottom of STOXX 600 after cutting its 2020 production forecast.

Construction companies also took a knocking, with Assa Abloy, the world's biggest lockmaker, falling 4.1% after it reported a drop in quarterly sales.

(Reporting by Sruthi Shankar in Bengaluru; Editing by Sriraj Kalluvila and Lisa Shumaker)

By Sruthi Shankar and Susan Mathew

ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ASSA ABLOY AB 1.41% 265.4 Delayed Quote.29.14%
AUSTRALIAN DOLLAR / EURO (AUD/EUR) -0.26% 0.63443 Delayed Quote.1.03%
CANADIAN DOLLAR / EURO (CAD/EUR) -0.13% 0.678615 Delayed Quote.5.52%
CENTAMIN PLC 0.04% 111.8 Delayed Quote.-9.74%
ERICSSON AB 0.57% 110 Delayed Quote.12.06%
EURO / BRITISH POUND (EUR/GBP) 0.14% 0.8603 Delayed Quote.-3.98%
EURO STOXX 50 0.57% 4155.95 Delayed Quote.16.16%
FTSE 100 0.45% 7179.96 Delayed Quote.10.43%
MSCI UNITED KINGDOM (STRD) 0.21% 1180.927 Real-time Quote.14.30%
NESTLÉ S.A. 0.51% 114.38 Delayed Quote.9.17%
S&P UNITED KINGDOM (PDS) 0.47% 1430.24 Delayed Quote.10.88%
STOXX EUROPE 600 0.40% 460.17 Delayed Quote.14.66%
VIVENDI SE 0.07% 29.2 Real-time Quote.10.65%
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Euro Stoxx 50 Technical Analysis Chart | MarketScreener
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Technical analysis trends EURO STOXX 50
Short TermMid-TermLong Term
Top / Flop EURO STOXX 50
AIR LIQUIDE 144.54 Real-time Quote.2.61%
SCHNEIDER ELECTRIC SE 132.66 Real-time Quote.1.97%
SAFRAN 125.36 Real-time Quote.1.84%
AIRBUS SE 113.98 Real-time Quote.1.41%
SIEMENS AG 137.61 Real-time Estimate Quote.1.38%
ENI S.P.A. 10.688 Real-time Estimate Quote.-0.78%
TOTALENERGIES SE 40.545 Real-time Quote.-0.83%
BANCO SANTANDER, S.A. 3.409 Real-time Estimate Quote.-0.83%
INTESA SANPAOLO S.P.A. 2.437 Real-time Estimate Quote.-0.85%
FLUTTER ENTERTAINMENT PLC 157.2 Real-time Quote.-1.57%
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