European stocks fell in early trade despite strong earnings

Media In / Agencies 25 April 2018
European stocks fell in early trade on Wednesday as concerns over rising bond yields outweighed a combination of good earnings results for Kerring and Credit Suisse, while Shire jumped after accepting an improved takeover offer from Takeda.
According to Reuters, the European Stoxx 600 index fell 0.5 percent, moving further from the highest level since early February, while German DAX fell 0.6 percent. Britain’s Financial Times 100 index fell 0.4 percent.
Almost all European sectors performed in negative territory and oil and gas companies were among the lowest, with crude prices falling from recent highs.
Some of the strong earnings results did not lift morale.
Kearng was the biggest gainer, jumping 7 percent after the luxury goods company said it made impressive performance in the first quarter, thanks to strong demand for Gucci clothing and bags.
Credit Suisse was the biggest performer in the banking sector, jumping 4.6 percent after the bank’s first-quarter profit beat expectations.
Despite concerns about semiconductor stocks, especially those in the Apple supply chain, which affected the sector this week, ST Microelectronics rose 4.8 percent after a strong second-quarter demand for smartphone-related products.