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(Bloomberg) — European stocks recouped losses from earlier in the day to close flat, after bonds came off session lows and several companies delivered good earnings.
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The Stoxx Europe 600 Index closed 0.1% higher, having earlier shed as much as 0.8%. The losses came after Moody’s Ratings stripped the US government of its top credit rating soured investor sentiment and trade tensions continued to weigh. While auto and energy shares lagged, telecoms, travel and leisure stocks made gains. A large quantity of European shares were also trading ex-dividend.
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Among individual stocks, Ryanair Holdings Plc was among best performers across the continent, jumping as much as 5.4% and hitting a record high after the low-cost airline signaled robust demand for travel this summer. Building materials firm Rockwool A/S also gained after posting good earnings.
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Sentiment also improved on Wall Street as dip buyers waded into the market. In bond markets, yields on French and German debt slipped, ceding earlier rises.
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The Stoxx Europe 600 is struggling for direction, following a fifth straight week of gains that were spurred by better-than-expected corporate earnings and signs that trade tensions could be easing. The index has advanced 8.3% so far this year, outperforming the S&P 500, which has gained only 0.9%.
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“In a world where the US is somewhat scary, Europe is among the most attractive markets in terms of diversification,” said Pierre-Alexis Dumont, chief investment officer of Sycomore AM in Paris.
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—With assistance from Paul Jarvis.
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English (US)