European shares edge higher as latest US-China talks end in stalemate

European shares edge higher Friday amid a subdued tone and boosted by better-than-expected results from Kingspan.

European shares edge higher as latest US-China talks end in stalemate

European shares are a little higher Friday, as investor sentiment remains subdued. The latest round of US-China trade talks ended with little progress, although there are hopes a resolution to the disagreement will be forthcoming in the future.

Investors are also biding their time ahead of a keynote speech from US Fed Governor Jerome Powell at Jackson Hole, later Friday.

By 1110 BST, the EUROSTOXX 600 was 0.25% higher, while the EUROSTOXX 50 had gained 0.38%. Regional bourses were also positive. The German DAX rose 0.21%, the French CAC was 0.43% in the green and the Spanish IBEX was up 0.44%.

Subdued tone

While the European indices are higher Friday, the investor tone is pretty subdued as markets digest the news that little new progress was made during the latest round of US-China trade. However, that the dialogue between two economies remains open, appears to be taken as a positive.

The markets are also biding their time ahead of the latest speech from US Fed Governor Powell. He will share some views at the annual Central Banker meeting in Wyoming, although analysts aren’t expecting fresh details on US interest rates after the release of the latest meeting minutes.

Stock movers

As the markets await Powell’s speech, there have been some stock movers of note in the European trading session, so far.

Kingspan shares surged Friday after earlier reporting better-than-expected profits in the first half of 2018. The Irish building materials firm said its performance was supported by a busy Q” period after a “sluggish start to the year due to prolonged winter weather conditions,” the group’s CEO Gene Murtagh said.

Kingspan shares rose 7.11% to trade at €42.18.

Ryanair shares, meanwhile, are 0.40% lower at €13.82 amid news the budget Irish airline has introduced new baggage rules. From November passengers will have to pay £6 to bring a 10kg wheeled cabin bag on board.

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