EU equities slump

EU equities slump

On Tuesday, European equities went down due to the fact that market participants kept harshly punishing businesses, which missed expectations, including William Hill, Morrisons, and Pandora, while caution dominated ahead of the long-awaited American midterm congressional elections.

As a matter of fact, the STOXX 600 kept to 0825. As for the euro zone's major index STOXX50E, it went down by 0.1%.

Outcomes dominated the day again with some mediocre results impacting equities.

The equities of Pandora headed south by 8.3% after the Danish jewelry maker had its 2018 sales outlook for the second consecutive quarter slashed, telling that it would review its strategy and start a new cost-cutting program.

The equities were braced for their worst day for three months.

Besides this, UK gambling company William Hill went down by 6.3% after it told tax and regulatory changes would affect online profit in 2018 and also next.

As for supermarket group Morrisons, it went down by 3.8%, finding itself on track for its greatest one-day dive since March, right after its quarterly sales surge lagged estimates.

More encouraging outcomes boosted some equities.

Staffing company Adecco managed to ascend by up to 4.6% to the top of the STOXX 600 right after its outcomes met expectations. Market experts told that the company’s equities have been pricing in much of the euro zone’s decelerating economy.

Logistics and postal company Deutsche Post managed to rally by 3.6% after its profit dive appeared to be less abrupt than experts had expected, thus surpassing the Reuters survey consensus.

The dive in profit took place because of the cost of restructuring its parcel and post division.

Additionally, tobacco company Imperial Brands managed to top the FTSE 100 with a 2.1% leap right after the maker of Gauloises and Winston cigarettes posted firmer-than-anticipated revenue.

 

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