European shares dip on heavy earnings day as euro rebounds

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European shares fell in morning trading on Thursday, weighed down by a rebound in the euro from four-month lows against the dollar in a day dominated by earnings updates.

By 0719 GMT, the pan-European STOXX 600 index (STOXX) fell 0.2 percent, retracing from three-month highs, while Germany’s DAX and Britain’s FTSE also fell slightly.

Among big companies that reported results, adidas (DE:ADSGn) fell 2.6 percent after the German sportswear firm posted sales growth slightly shy of analyst expectations, although net profit rose more than expected.

Smith & Nephew (L:SN) slumped 6.5 percent after Europe’s biggest artificial hip and knee maker cut its forecast for full-year underlying revenue growth after some markets softened and it saw a slowdown in its bioactives business. Bpost (BR:BPOST) fell 12 percent as results lagged expectations.

Elsewhere, however, some well-received company updates provided support. Logitech (S:LOGN) rose 8.4 percent following a better than expected quarterly results.

French utility Veolia (PA:VIE) rose 3 percent after quarterly revenues rose, as its French water business returned to growth and international activities also showed double-digit growth.

 SOURCE: INVESTING

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