European shares ended Tuesday’s session just below the flatline, as investors digested news coming out of a historic bilateral meeting between the U.S. and North Korea.
The pan-European STOXX 600 closed Tuesday down 0.11 percent provisionally, off from its highs seen during earlier parts of the session. Looking at sectors, most major industries showed a mixed picture by the closing bell.
At the close, the U.K.’s FTSE 100 slipped 0.43 percent, with France’s CAC 40 also dropping 0.38 percent. Germany’s DAX however ended flat.
The main focus for investors during Tuesday’s session was an accord between North Korea and the U.S., which hopes to work toward complete denuclearization and a lasting “peace regime” on the Korean Peninsula.
Kim said that their agreement, which was signed by both leaders, would lead to a “major” change in the world, while Trump appeared confident that the Korean conflict would soon end.
While the news seems optimistic, investors remain cautious over what each country will define as “complete nuclearization.” Following the summit’s conclusion, markets across the world paused for breath, with Wall Street showing a mixed to slightly higher session around Europe’s close.
Switching focus to stocks, retailers led the gains with H&M jumping some 5 percent and Carrefour popping more than three percent. Carrefour was a top performer after the French firm agreed to partner with Google, in an online shopping tie-up.
Casino Guichard meanwhile closed up 1.76 percent, off session highs, after news emerged that it plans to move ahead with an asset sale worth 1.5 billion euros ($1.77 billion).
Utilities was another top performing industry, boosted by Centrica, which climbed over 3.5 percent after Jefferies raised its price target and rating on the stock.
Elsewhere, Imcd advanced 3 percent after announcing it wants to buy U.S. specialty chemical distributor E.T. Horn company, Reuters reported.
Shares of Daimler finished up 1.45 percent after it recalled 238,000 vehicles to clarify the legality of unauthorized software, following reports that the company might have used defeated devices in Europe.
In terms of data, in the U.K., British workers’ wages rose at a slower pace in the three months to April. According to official data, total earnings, including bonuses, saw a jump of 2.5 percent annually, down from 2.6 in March, Reuters reported.
Source: CNBC
