European shares dip as lower commodity prices weigh

Evolution AB (publ)

19/07/2024 08:32

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       July 19 (Reuters) - European shares fell on Friday and
were set for weekly losses, hurt by lower commodity prices and
as a rout in global technology shares extended, while investors
assessed more earnings updates. 
    The pan-European STOXX 600 index  .STOXX  fell 0.6% by 0715
GMT, slipping to a more than two-week low, amid a broader
selloff across sectors. 
    Travel and leisure shares  .SXTP  led the losses with a 2.5%
drop, driven by declines in Evolution  EVOG.ST  after it
maintained its full year guidance, while miners  .SXPP  were
down 1.8% on lower commodity prices due to the lack of Chinese
stimulus measures.
    German shares  .GDAXI  were down 0.6% after producer prices
in the regions largest economy fell by 1.6% on the year in June,
in line with analysts' expectations in a Reuters poll.
    Sartorius  SATG.DE  was down 13.6% after the pharmaceutical
equipment supplier cut its full-year guidance.     
    On the flip side, Danske Bank  DANSKE.CO , Denmark's biggest
lender, surged 6.2% as it beat second-quarter net profit
expectations, helped by strong credit quality and higher net
interest income and announced an interim dividend for
shareholders.
    Electrolux  ELUXb.ST  climbed 6.9% after the world's
second-biggest appliances maker posted a quarterly operating
profit above estimates, helped by cost cutting.

 (Reporting by Shubham Batra; Editing by Mrigank Dhaniwala)
 ((Shubham.Batra@thomsonreuters.com;))