European Shares Modestly Higher In Cautious Trade
(RTTNews) - European stocks were modestly higher on Thursday while oil prices fell after the U.S. military attacked Iranian targets for a second straight day and President Donald Trump said the flare-up will end very quickly. U.S. airstrikes hit about 90 targets across Iran as Tehran targeted Gulf states.
In economic releases, Germany's exports grew unexpectedly in May largely driven by the surge in shipments to the U.S., while overall imports dropped for the first time in four months, official data revealed earlier today.
Exports rose 0.9 percent in May from the previous month, in contrast to the expected fall of 0.3 percent. Meanwhile, imports decreased unexpectedly by 2.5 percent, reversing a 1.1 percent rise in April.
Consequently, the trade surplus rose to EUR 19.1 billion from EUR 14.7 billion in April.
The pan-European STOXX 600 rose 0.34 percent to 638.09 after tumbling 1.6 percent on Wednesday.
The German DAX edged up 0.1 percent and France's CAC 40 added 0.4 percent while the U.K.'s FTSE 100 was down half a percent, dragged down by energy stocks such as BP Plc and Shell.
French biopharmaceutical company Ipsen rose over 1 percent after it announced positive Dysport Phase III results for migraine prevention. AstraZeneca shares slumped 8.4 percent in London. The pharmaceutical group said its nerve disease drug Wainua failed to meet its target in a latte-stage trial to reduce cardiovascular-related deaths.
Bytes Technology Group rallied 3.6 percent. The software, AI and cloud services provider said trading has been strong in the first fourth months that ended June 30.
Nordex surged 4.7 percent. The German wind turbine maker said new wind turbine supply orders surged by close to a third in the second quarter.
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