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European shares flat as mixed earnings, U.S.-China tensions weigh

Published 06/05/2020, 08:32
Updated 06/05/2020, 08:36
© Reuters.
NOVOb
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(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
May 6 (Reuters) - European shares opened little changed on
Wednesday as a batch of mixed earnings reports and simmering
U.S.-China tensions added to doubts about a swift economic
recovery even as many countries eased lockdown measures.
The pan-European STOXX 600 index .STOXX was flat as losses
in oil and gas sector .SXEP , following a recent surge, offset
gains in healthcare shares .SXDP . O/R
The global mood also remained fragile as U.S. President
Donald Trump again took aim at China, urging it to be
transparent about the origins of the novel coronavirus outbreak.
On a busy earnings day, Italy's biggest bank UniCredit
CRDI.MI posted a 2.7 billion euro ($2.9 billion) loss in the
first quarter after writing down loans in anticipation of the
damage caused by the pandemic. Its shares fell about
1%. Norwegian Air NWC.OL slumped 12% after saying it would
sell new shares at a 79% discount to the latest traded price as
it seeks to boost its equity in order to qualify for Norway's
government aid package. Helping keep healthcare shares steady, Denmark's Novo
Nordisk NOVOb.CO rose 2.1% and German dialysis specialist
Fresenius Medical Care FMEG.DE gained 2.9% after posting
better-than-expected first-quarter profits.

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