Latest News

UK News

Click Here to read UK News

Forex News

Click Here to read Forex News

Market News

Click Here to read Market News

Irish News
Weak Diageo, Bayer earnings hit Europe stocks; BP jumps
Published at 04/08/2020 at 08:34

(For a live blog on European stocks, type LIVE/ in an Eikon news window)

Aug 4 (Reuters) - European shares edged lower on Tuesday as disappointing earnings reports from Diageo and Bayer took the shine off a jump in growth-linked cyclical stocks, while investors awaited signs of progress on more U.S. fiscal stimulus.

The world's largest spirits maker, Diageo Plc , slid 5.9% as it reported a bigger-than-expected decline in underlying net sales as demand for its whiskeys, vodka and gin fell in all markets except North America.

Energy major BP's stock jumped 5.8% after it cut its dividend in a widely expected move and reported a record $6.7 billion loss in the second quarter as the coronavirus crisis hammered fuel demand.

Leading gains among sectors, the oil & gas sector rose 2.1%, while automakers , banks and travel & leisure rose between 1.5% and 2%.

The pan-European STOXX 600 was down 0.2% by 0727 GMT, although eurozone blue-chip stocks gained 0.5%.

German drugs and pesticides group Bayer fell 3% as it reported a 9.5 billion euro ($11.2 billion) net loss for the second quarter, following a $10.9 billion settlement of U.S. lawsuits claiming that its weedkiller Roundup caused cancer.

(Reporting by Sruthi Shankar in Bengaluru; Editing by Rashmi Aich)

((; within U.S. +1 646 223 8780; outside U.S. +91 80 6182 2787;))