February 13, 2019 / 8:33 AM / 2 months ago

European shares edge up as earnings growth expectations stabilise

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LONDON, Feb 13 (Reuters) - European shares edged up on Wednesday as optimism towards Washington and Beijing trade talks lifted global markets and data showed earnings growth forecasts for Europe were no longer falling for the fourth quarter after steep downward revisions.

The pan-European STOXX 600 was up 0.4 percent at 0829 GMT, with Germany’s trade-sensitive DAX up 0.6 percent and Paris’ CAC 40 up 0.4 percent.

A fresh batch of corporate earnings triggered strong price moves both upwards and downwards.

Dutch bank ABN Amro, hit by loan impairments, fell 6.3 percent with fourth-quarter net profit way below analysts.

Dutch blue chip peer Heineken had a totally different welcome from the market, rising 4.3 percent and set for its best day since 2015 on better-than-expected results.

Still in the Netherlands, paint maker Akzo Nobel jumped 3.9 percent after marginally beating expectations.

Amundi, the euro zone’s largest asset manager, was also cheered by investors, rising 4.3 percent, after confirming its profit targets for 2020 despite adverse market conditions in the fourth quarter. (Reporting by Julien Ponthus; editing by Josephine Mason)

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