European shares dip on heavy earnings day as euro rebounds

  • Reuters
  • Stock Market News
European shares dip on heavy earnings day as euro rebounds
Credit: © Reuters.

MILAN, May 3 (Reuters) - European shares fell in morning trading on Thursday, weighed down by a rebound in the euro from four-month lows against the dollar in a day dominated by earnings updates.

By 0719 GMT, the pan-European STOXX 600 index .STOXX fell 0.2 percent, retracing from three-month highs, while Germany's DAX and Britain's FTSE also fell slightly.

Among big companies that reported results, adidas ADSGn.DE fell 2.6 percent after the German sportswear firm posted sales growth slightly shy of analyst expectations, although net profit rose more than expected. & Nephew SN.L slumped 6.5 percent after Europe's biggest artificial hip and knee maker cut its forecast for full-year underlying revenue growth after some markets softened and it saw a slowdown in its bioactives business. Bpost BPOST.BR fell 12 percent as results lagged expectations.

Elsewhere, however, some well-received company updates provided support. Logitech LOGN.S rose 8.4 percent following a better than expected quarterly results.

French utility Veolia VIE.PA rose 3 percent after quarterly revenues rose, as its French water business returned to growth and international activities also showed double-digit growth.

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