July 23, 2018 / 7:31 AM / 2 months ago

European shares extend losing streak as Fiat, Ryanair drop

MILAN, July 23 (Reuters) - European shares fell in early trading on Monday in a broad-based pullback led by declines in Fiat Chrysler after an abrupt management change, while a disappointing earnings update also sent Ryanair shares down sharply.

The STOXX 600 was down 0.4 percent by 0715 GMT, on track for its third straight day of losses as worries over a possible trade war linger following Washington’s threat last week to slap tariffs on $500 billion of Chinese imports.

All sectors were trading in negative territory.

Shares in Fiat Chrysler and Ferrari fell more than 5 percent after CEO Sergio Marchionne fell seriously ill following complications from surgery, prompting a premature change at the helm of both companies.

Jeep division head Mike Manley was named on Saturday to succeed Marchionne as CEO of Fiat Chrysler.

Ryanair declined 5.6 percent to lead losers on the STOXX. The Irish carrier warned that average fares would be lower than expected during its key summer period due to high competition, unusually hot weather in Northern Europe and uncertainty caused by a series of strikes.

Julius Baer and Philips also fell after results. (Reporting by Danilo Masoni, Editing by Helen Reid)

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