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European shares inch lower as Shell drags; ECB awaited

Published 30/04/2020, 08:48
© Reuters.
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(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
April 30 (Reuters) - European shares edged lower on Thursday
as a slump in Royal Dutch Shell and another batch of mixed
earnings reports weighed on the mood ahead of the conclusion of
a European Central Bank meeting.
The STOXX 600 .STOXX fell 0.2%, as Shell dropped RDSA.AS
7% after cutting its dividend for the first time in 80 years and
suspending the next tranche of its share buyback programme amid
a collapse in global oil demand. While Euro zone GDP numbers are due at 10:00 am GMT, data
from France showed the country saw its sharpest economic
contraction since World War II in the first quarter due to the
impact of the lockdown. Safran SAF.PA jumped 5.8% as the aerospace supplier said
it aims to maintain positive cash flow over the full year
"despite significant potential headwinds" from the crisis.
Airbus AIR.PA also gained 6.2% on news it was talks with
the French state regarding possible aid. European shares are on course to log its biggest monthly
gain since July 2009 as signs of easing restrictions, aggressive
stimulus actions and recently, hopes of an efficient coronavirus
treatment helped a recovery from a rout in February.
Investors will turn to the ECB policy decision, due to be
released at 1145 GMT. Policymakers are expected to discuss
expanding stimulus but a big move is unlikely to come on
Thursday.

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