European Shares Struggling For Direction Ahead Of Powell’s Testimony

European stocks were struggling for direction on Tuesday as oil extended the previous session’s losses, corporate earnings proved a mixed bag and investors awaited Federal Reserve Chairman Jerome Powell’s testimony for possible clues on the outlook for U.S. interest rate rises.

The pan-European Stoxx Europe 600 index was marginally higher at 384.20 in late opening deals after declining 0.3 percent on Monday.

The German DAX, France’s CAC 40 index and the U.K.’s FTSE 100 all were trading unchanged with a positive bias.

Norwegian telecom company Telenor dropped 2.5 percent after its underlying sales growth slowed in the second quarter.

Dairy Crest Group rallied 2.7 percent in London and TalkTalk Telecom jumped 7 percent after posting solid first-quarter results.

Property giant British Land Co dropped 1.5 percent after it warned of a challenging retail market.

Casino Group shares climbed 3 percent in Paris. The French retailer kept all its annual financial goals after posting Q2 revenue that topped forecasts.

Deutsche Bank dropped half a percent in Frankfurt on profit taking after sharp gains the previous day.

ThyssenKrupp soared 8 percent on restructuring hopes after Ulrich Lehner informed the Executive Board of the company that he will resign from his office as Chairman of the Supervisory Board.

In economic releases, Britain’s employment level set a fresh record in the three months to May and unemployment was unchanged, yet pay growth eased to its lowest in six months, figures from the Office for National Statistics showed.

The number of employment was a record high 32.399 million in the March to May period, rising by 137,000 from the previous three months. Economists had forecast employment growth of 115,000.

The employment rate rose to a record 75.7 percent from 75.6 percent in the three months to April period.

by RTTNews Staff Writer

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