August 8, 2018 / 7:46 AM / 4 months ago

European shares dip as earnings disappoint

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LONDON, Aug 8 (Reuters) - European shares dipped on Wednesday as corporate earnings failed to lift sentiment soured by trade tensions, as the United States prepares to begin collecting tariffs on another $16 billion in Chinese goods.

At 0716 GMT, the pan-European STOXX 600 was down 0.3 percent with the heaviest losses in Frankfurt where the DAX lost 0.4 percent.

Trading updates from Danish drugmakers Novo Nordisk and Lundbeck and Switzerland’s Vifor Pharma shares losses of 4.4 percent, 10 percent and 5.4 percent respectively.

Shares in French supermarket retailer Casino also fell heavily, down 9 percent after broker Bernstein cut the stock to “underperform”.

Among top performers, Nokian Tyres jumped 5.5 percent after beating earnings expectations and Dutch bank ABN Amro <ABNd.AS< added 4.4 percent after it reported second-quarter profits. (Reporting by Julien Ponthus; editing by John Stonestreet)

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