European shares are lower Friday, as investor sentiment remains on the risk averse side. A variety of earnings and company news has failed to shift the negative tone from Friday’s trading session, which is expected to result in a third week of losses for the region.
By 1410 BST, the EUROSTOXX 600 was 0.57% lower, while the EUROSTOXX 50 had lost 0.61%. Regional bourses were also negative. The German DAX fell 0.41%, the French CAC was 0.17% in the red and Spanish IBEX declined 0.41%.
Risk aversion rises
After some relief Thursday among news that the Turkish Lira was recovering and as China had agreed to an August meeting with the US, Friday has seen investors reconsider that news and take it as an ongoing uncertainty, rather than the beginning of better news.
As such, sentiment has not continued the positive tone of Thursday and has instead, turned negative again.
That’s despite the news that Deutsche Bank Fixed Income traders made a major profit on the August 10th slump in the Lira. Shares in the German bank are lower Friday, despite that news and as it appoints a new European head for its Wealth Management division.
Deutsche Bank shares fell 1.72% to €9.71.
Other stock movers
There were some other interesting stock movers Friday too.
AP Moller Maersk shares are higher as the Danish conglomerate said it plans to spin-off its drilling business and list it separately on the Danish stock market. Moller Maersk shares rose 2.48% to DKK8,850.
Meanwhile, Air France-KLM shares are lower as French trade unions share their unhappiness with the airline’s decision to appoint a foreign CEO.
The move, which will see the first non-French born chief executive of the firm arrive by the end of September, has the backing of the French Government who owns a 14% stake in the business.
Air France shares fell 4.35% to €8.66.