CORRECTED-European shares dip after flood of earnings

  • Reuters
  • Stock Market News
CORRECTED-European shares dip after flood of earnings
Credit: © Reuters.

(Corrects direction of move in headline)

Oct 22 (Reuters) - European shares inched lower on Tuesday as investors sifted through a mixed bag of corporate earnings and eyed latest developments on U.S.-China trade talks and Britain's progress towards some form of orderly departure from the European Union.

Germany's DAX .GDAXI and Switzerland's SSMI .SSMI both bucked the trend, with the latter helped by a 1% gain for drugmaker Novartis NOVN.S after it raised its 2019 targets and reported better-than-expected revenue.

Another Swiss company, Apple (NASDAQ: AAPL ) supplier AMS AMS.S also climbed 6% as demand from smartphone makers boosted operating profit. specialty minerals company Imerys IMTP.PA slipped 6% after cutting its outlook for 2019, while Norway's Aker BP (LON: BP ) AKERBP.OL moved marginally lower as it slashed its full-year oil output target. household goods maker Reckitt Benckiser RB.L was moored to the bottom of the pan-European STOXX index with a 5% fall after it cut its full-year sales forecast for the second time this year. STOXX .STOXX was down just over 0.1% by 0728 GMT.

Shares of UBS UBSG.S led gains among banking stocks .SX7P after Switzerland's biggest bank reported a smaller than expected loss in quarterly profit. defence firm Saab SAABb.ST rose 7% to top the STOXX 600 after reporting third-quarter operating earnings well ahead of market forecasts and affirming its view that operating cashflow this year would improve versus 2018.

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