European stocks lower as US-China trade row escalates

Finance


Looking across the European benchmark, Adidas rose to the top of the index, up by more than 9 percent after reporting its latest earnings. Adidas showed stronger-than-anticipated second-quarter net profit, despite taking an impairment charge on its struggling Reebok brand.

Pandora shares were also up by about 9 percent after its CEO announced he is leaving his position. This followed a profit warning on Wednesday.

Shares of Tui sank 5 percent despite it saying it’s on track to deliver a 10 percent rise in profit this year, sticking to its guidance.

The British pound remained under pressure against the dollar Thursday morning, although it pared losses seen in the previous session slightly. Concerns over the U.K.’s withdrawal from the European Union continued into Thursday, with ongoing fears of a no-deal Brexit. U.K. Trade Minister Liam Fox’s comments over the weekend that the chances of a hard exit had been increased to 60-40 from 50-50 weighed on sentiment.

There are no major economic data releases expected in Europe on Thursday.



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