Europe: Shares edge up as earnings growth expectations stabilise

[LONDON] European shares edged up on Wednesday as optimism towards Washington and Beijing trade talks lifted global markets and data showed earnings growth forecasts for Europe were no longer falling for the fourth quarter after steep downward revisions.

The pan-European STOXX 600 was up 0.4 per cent at 0829 GMT, with Germany's trade-sensitive DAX up 0.6 per cent and Paris' CAC 40 up 0.4 per cent.

A fresh batch of corporate earnings triggered strong price moves both upwards and downwards.

Dutch bank ABN Amro, hit by loan impairments, fell 6.3 per cent with fourth-quarter net profit way below analysts.

Dutch blue chip peer Heineken had a totally different welcome from the market, rising 4.3 per cent and set for its best day since 2015 on better-than-expected results.

Still in the Netherlands, paint maker Akzo Nobel jumped 3.9 per cent after marginally beating expectations.

Amundi, the euro zone's largest asset manager, was also cheered by investors, rising 4.3 per cent, after confirming its profit targets for 2020 despite adverse market conditions in the fourth quarter.

REUTERS