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Europe: Shares swing sideways as Q3 earnings keep rolling in
[LONDON] European bourses and indexes were trading sideways at the opening of markets on Tuesday, as a new set of third-quarter earnings pulled companies' stocks sharply in different directions.
The pan-European STOXX 600 was broadly flat, up 0.02 per cent, with London's FTSE 100 retreating 0.1 per cent, Paris's CAC 40 rising 0.3 per cent and Germany's DAX flat.
Apple supplier AMS made a spectacular jump after it reported its earnings, rising close to 20 per cent in the first minutes of trading before settling around 15 per cent higher.
"While Q3 is a miss on revenues, the revised guidance for Q4 is way ahead of consensus", Morgan Stanley said in a research note.
Peers exposed to the iPhone X ramp also rose, with Dialog Semiconductor up 3.3 per cent and STMicroelectronics up 0.5 per cent.
Spain's Caixabank lifted the IBEX with a 2.3 per cent rise after posting a 53 per cent jump in nine-month net profit, ahead of analysts' forecasts. After lagging behind its peers on Monday due to the Catalan crisis, the IBEX bounced back with a 0.4 per cent increase.
In Sweden, mining company Boliden disappointed investors with its trading update and fell more than 9 per cent, while on the other hand defence firm Saab rose 5.5 per cent after it reported order bookings and profits above market forecasts.