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European shares tepid at the end of strong quarter

Published 30/06/2020, 08:38
© Reuters.
DE40
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SHEL
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STMPA
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IFXGn
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ASMI
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MU
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STOXX
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SXEP
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SX7P
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SXAP
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(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
June 30 (Reuters) - European shares were largely flat on
Tuesday as investors booked some profits following a strong
quarterly rebound, while improving China factory data and hopes
of more U.S. stimulus buoyed sentiment in Asia.
The pan-European STOXX 600 index .STOXX looked set to post
its biggest quarterly gain since March 2015 with a 12.5% rise,
as unprecedented economic stimulus, hopes of a COVID-19 vaccine
and relatively fewer coronavirus cases in Europe powered a
rebound from March lows.
Still, the index is down 13.5% for the year.
The trade-sensitive German DAX .GDAXI rose 0.2% after data
showed China's factory activity expanded at a stronger pace in
June as the government lifted lockdowns and stepped up
investment. Chipmakers STMicroelectronics STM.MI , Infineon
Technologies IFXGn.DE , ASM International ASMI.AS rose
between 1.4% and 2.8% after an upbeat revenue forecast from U.S.
firm Micron Technology MU.O . The broader STOXX 600 index .STOXX was up 0.1% by 0720
GMT, although oil & gas .SXEP , banking .SX7P and automakers
.SXAP index were a drag.
Royal Dutch Shell RDSa.L fell 1.0% after saying it would
write down the value of its assets by up to $22 billion after
lowering its long-term outlook on oil and gas prices.

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