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European shares dip, auto index worst performer

Monday, July 24, 2017 - 01:34

European shares have dipped with the autos sector hitting its lowest level this year after anti-trust regulators opened an investigation into regional carmakers while price war worries hurt airlines. Laura Frykberg reports.

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European shares take a turn for the worse, with the auto index the weakest perfoming sector. Pan-European STOXX 600 shares fell 0.2 percent, while VW, Peugeot and Daimler plunged as much as 2.5. The losses driven by allegations from EU regulators of a cartel among them. (SOUNDBITE) (English) GLOBAL FINANCIAL ECONOMIST, COMMERZBANK, PETER DIXON, SAYING: "Let's not let's not extrapolate too far. But obviously I guess investors are looking at these stocks and thinking risks are clearly tilted to the downside." There was also turbulence in the airline sector. Ryanair shares fell 4.7 percent, after warning that Summer fares would face sharp cuts. The worst company result though was digital security firm, Gemalto. Which plummeted as much as 17 percent. (SOUNDBITE) (English) GLOBAL FINANCIAL ECONOMIST, COMMERZBANK, PETER DIXON, SAYING: "Bear in mind that we're operating in an environment where trading volumes are extremely low, extremely thin. And as a consequence, I suspect that market reactions may well be somewhat exaggerated during relatively thin Summer trading." Investors will be happy with B&M European Value Retail then... Which was among the leading gainers, up 4.1 percent. Switzerland's third largest private bank Julius Baer also jumped 6.5 percent. Reporting its biggest inflows since the financial crisis for the first half of the year.

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European shares dip, auto index worst performer

Monday, July 24, 2017 - 01:34