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Europe: Shares add to gains as trade war fears fade

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European shares extended their rally on Thursday as US-China trade war fears were set aside and investors focused on bullish macroeconomic and corporate news.

[LONDON] European shares extended their rally on Thursday as US-China trade war fears were set aside and investors focused on bullish macroeconomic and corporate news.

At 0722 GMT, the pan-European STOXX 600 was up 0.2 per cent while the leading euro zone stock index was on track for its ninth straight session of gains, up 0.25 per cent.

On the corporate front a US$3.2 billion share buyback programme from mining company Rio Tinto boosted the shares up around 1.8 per cent.

Inmarsat shares climbed 3.5 per cent after the British satellite company said it would collaborate with Japan's Panasonic Avionics to provide in-flight broadband for commercial airlines.

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Lower levels of market volatility, meanwhile, hurt quarterly revenue at trading platform IG Group, sending the stock down 5.5 per cent.

On the small-cap front, German fashion retailer Tom Tailor issued a profit warning sending its shares down 13.6 per cent.

Safestyle fell 3.1 per cent after the window and door retailer and installer warned on profits and said it does not anticipate an "immediate recovery" back to 2016 and 2017 levels of financial performance.

The company's poor performance adds to indications Britons are withholding spending on big-ticket home improvement products in an uncertain environment.

REUTERS