European markets slightly higher after Trump pulls US out of Iran deal; Burberry down by 7%

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European shares were slightly higher Wednesday morning, as investors digested news that the U.S. is pulling out from the Iran nuclear accord.

The pan-European Stoxx 600 was 0.19 percent higher with most sectors and major bourses trading in opposite directions.

Oil and gas stocks were the top performing sector in early deals, above 1.3 percent. These were supported by news that the U.S. is withdrawing from the Iran deal. President Donald Trump announced his decision late Tuesday and added that sanctions on Iran would be restored. Removing the U.S. from the accord was a campaign promise made by the president during the run-up to the 2016 election.

As a result, oil prices have been on the rise. Brent rose above $77.00 while U.S. crude hovered around $70.96 shortly after Wednesday’s European market open.

On the other hand, travel and leisure stocks fell above 1.6 percent. This was due to rising concerns over geopolitical issues, but also earnings. In particular, shares of Compass were down by nearly 5 percent after the company announced some foreign exchange impacts on its latest set of results.

Looking at individual stock performance, Burberry dropped more than 7 percent Wednesday morning. The British luxury brand lost one of its shareholders — Albert Frere’s Groupe Bruxelles Lambert sold its entire stake in the company.

Banca Popolare dell’Emilia Romagna was among the top performers in Europe, up by nearly 7 percent. This was after posting its latest results and receiving a ratings upgrade. Imcd was also higher by close to 7 percent after reporting a 17 percent increase in EBITA growth during the first quarter of the year.

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