Saturday 19 October 2019

European shares flat as Brexit impasse sinks in

Photo: Depositphotos
Photo: Depositphotos Business Desk

European shares opened broadly flat on Wednesday as uncertainty prevailed on Britain's plan to leave the European Union and no corporate or economic news appeared strong enough to shake the risk-off mood spreading from Asia overnight.

The pan-European STOXX 600 index was down 0.05pc by 0816 GMT, after closing 0.06pc down on Tuesday as it became clear British Prime Minister Theresa May would lose a key vote in Parliament on her plans for an orderly Brexit.

London's FTSE was also little changed, down 0.1pc as the pound recouped some of its losses from the previous session.

Among individual stocks, shares in Germany's Adidas posted the worst performance, losing 5.5pc after announcing that supply chain issues would hit its sales growth in the first half of 2019, particularly in North America.

Another big loser was cash-rich Zara owner Inditex which was down 4.7pc after it published annual earnings slightly below analysts' expectations.

Wirecard was the third-biggest faller, with a 4.3pc hit after it suspended an accounting employee in Singapore amid allegations of fraud and creative accounting.


Also in Business