November 21, 2017 / 8:40 AM / a year ago

European shares dip, earnings dent sentiment

(ADVISORY- Follow European and UK stock markets in real time on the Reuters Live Markets blog on Eikon - see cpurl://apps.cp./cms/?pageId=livemarkets)

LONDON, Nov 21 (Reuters) - European shares opened lower on Tuesday as a flow of trading updates and corporate news dented sentiment despite continued faith in the underlying strength of the European economy and a synchronised global expansion.

The STOXX 600 benchmark was down 0.3 percent by 0820 GMT with most European bourses and sectors trading in negative territory.

Germany’s DAX was just 0.2 percent lower after Chancellor Angela Merkel said she would prefer a new election to minority rule, following the failure of overnight talks on forming a three-way coalition.

Aggreko, the world’s largest listed temporary power provider, was the worst performer, losing 9.7 percent after a trading update that got investors worried about 2018 prospects when it said its pipeline was taking longer to convert.

Other UK corporates also suffered after publishing their results, such as Melrose, down 7.1 percent, Johnson Matthey, which fell 4 percent, as well as Intertek and Compass, which retreated 2.6 percent and 3.3 percent respectively.

EasyJet was the top performer with a 4.6 percent rise as it said it was benefiting from the collapse of rivals and from problems at Ryanair. (Reporting by Julien Ponthus, Editing by Kit Rees and Georgina Prodhan)

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