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Financials support European shares as H&M tumbles after results
September 28, 2017 / 7:21 AM / 2 months ago

Financials support European shares as H&M tumbles after results

MILAN, Sept 28 (Reuters) - European shares were little changed in opening deals on Thursday as gains in financial stocks provided support, while fashion group H&M fell after underwhelming results.

The heavyweight banking sector rose 0.7 percent to fresh seven week highs, buoyed by expectations of monetary policy tightening following hawkish remarks from Federal Reserve Chair Janet Yellen earlier this week.

Banking gains helped offset declines among basic resources stocks on the back of weaker copper prices.

By 0715 GMT the pan-European STOXX 600 index was little changed, hovering just below the 2 month highs hit in the previous session in anticipation of the big tax overhaul proposed by U.S. President Donald Trump.

H&M was the biggest loser on the STOXX, down more than 5 percent.

The Swedish company reported a marginally smaller fall than expected in quarterly pretax profit and said sales had slowed somewhat toward the end of September. (Reporting by Danilo Masoni, Editing by Kit Rees)

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