INSUBCONTINENT EXCLUSIVE:
LONDON: European shares dipped on Tuesday as investors continued to harshly punish companies that missed expectations like Pandora, William
Hill and Morrisons, while caution prevailed ahead of the US midterm congressional elections.
The pan-European STOXX 600 hovered around flat
by 0825 while the euro zone's leading index dipped 0.1 per cent, with little conviction in the market.
Results dominated the day again
with some poor showings impacting shares.
Shares in Pandora tumbled 8.3 per cent after the Danish jewellery maker slashed its 2018 sales
outlook for the second consecutive quarter, saying it would review its strategy and launch a new cost-cutting programme.
Shares were set for
their worst day in three months.
British gambling firm William Hill slid 6.3 per cent after it warned regulatory and tax changes would hit
online profit this year and next.
Supermarket group Morrisons fell 3.8 per cent, on track for its biggest one-day fall since March, after
its quarterly sales growth slightly lagged forecasts.
More encouraging results gave a boost to some.
Staffing firm Adecco rose 4.6 per cent
to the top of the STOXX 600 after its results met expectations, with analysts saying the shares have been pricing in much of the euro area's
slowing economy.
Postal and logistics firm Deutsche Post gained 3.6 per cent after its profit decline was less steep than analysts had
expected, and beat the Reuters poll consensus.
The fall in profit was due to the cost of restructuring its post and parcel division.
Tobacco
firm Imperial Brands topped the FTSE 100 with a 2.1 per cent gain after the maker of Gauloises and Winston cigarettes reported
stronger-than-expected profit.
