European shares rebound helped by financials; WPP down

Danske Andelskassers Bank A/S

04/09/2018 08:02

MILAN, Sept 4 (Reuters) - European shares rebounded in
morning trading on Tuesday following a late rally in Chinese
stocks, although investors were likely to remain cautious due to
worries over new U.S. tariffs.
    Financials were the biggest gainers, supported by strength
among some Italian banks after top figures from the government
appeared to play down the chances that the country's 2019 budget
would break European Union spending rules.
    Their gains helped lift the pan-European STOXX 600 index
 .STOXX  0.16 percent by 0722 GMT, while other European
benchmarks were also slightly higher. The FSTE  .FTSE  added
0.12 percent.
    Among banks, Italy's UBI Banca  UBI.MI  led the gainers,
rising 4.3 percent. Danske Bank's  DABA.CO  woes however weighed
on its shares, which were down more than 4 percent following a
report suggesting its Estonian branch handled $30 billion of
non-residents' money in 2013.  urn:newsml:reuters.com:*:nL8N1VP4AQ
    WPP  WPP.L  was the biggest STOXX faller, down 7.3 percent,
after the British advertising group posted lower operating
margins in the first half, although a rise in sales helped it
nudge its full-year net sales outlook higher.  urn:newsml:reuters.com:*:nL8N1VQ0RU
    Scor  SCOR.PA  rose 7.3 percent after the French re-insurer
rejected a friendly takeover offer by Covea.  urn:newsml:reuters.com:*:nP6N1TU01B

 (Reporting by Danilo Masoni
Editing by Andrew Heavens)
 ((Danilo.Masoni@TR.com; +39-02-66129734; Reuters Messaging:
danilo.masoni.thomsonreuters.com@reuters.net; On Twitter https://twitter.com/damasoni))