European shares dip as lower commodity prices weigh
European shares fell on Friday and were set for weekly losses, hurt by lower commodity prices and as a rout in global technology shares extended, while investors assessed more earnings updates.
The pan-European STOXX 600 index fell 0.6% by 0715 GMT, slipping to a more than two-week low, amid a broader selloff across sectors.
Travel and leisure shares led the losses with a 2.5% drop, driven by declines in Evolution after it maintained its full year guidance, while miners were down 1.8% on lower commodity prices due to the lack of Chinese stimulus measures.
German shares were down 0.6% after producer prices in the regions largest economy fell by 1.6% on the year in June, in line with analysts' expectations in a Reuters poll.
Sartorius was down 13.6% after the pharmaceutical equipment supplier cut its full-year guidance.
On the flip side, Danske Bank, Denmark's biggest lender, surged 6.2% as it beat second-quarter net profit expectations, helped by strong credit quality and higher net interest income and announced an interim dividend for shareholders.
Electrolux climbed 6.9% after the world's second-biggest appliances maker posted a quarterly operating profit above estimates, helped by cost cutting. (Reporting by Shubham Batra; Editing by Mrigank Dhaniwala)
(You can now subscribe to our ETMarkets WhatsApp channel)
Read more on economictimes.indiatimes.com
