European shares are trading a little in the green mid-afternoon Wednesday, amid investor caution following the record index performance in the US Tuesday. Banking stocks have helped indices edge higher in Europe, after the US S&P 500 index hit a record high in the longest bull-market run.
By 1440 BST, the EUROSTOXX 600 was just 0.05% higher, while the EUROSTOXX 50 had gained 0.32%. The regional bourses ere a little mixed. The German DAX lost 0.09%, the French CAC was 0.20% in the green and the Spanish IBEX edged up 0.41%.
S&P 500 hits record high
Investor sentiment is a little on the cautious side Wednesday, despite the record bull-market run for the S&P 500 on Wall Street, which also touched a fresh record high during the session Tuesday.
The US index gained 0.02% to close at 2,862.96 Tuesday, that was a little lower than the record high of 2,873.23, it had touched earlier in the session.
Aside from the US index movements, the market is also eyeing US-China trade talks and looking ahead to the release of the latest Fed meeting minutes, later Wednesday.
Investors will monitor the details of the minutes carefully, for any signs of the Fed’s plan for interest rates this year and beyond.
While the European indices are broadly a little higher, the main stock mover of note was Continental AG shares, which sank in the wake of the German tyre-maker’s second profit warning of the year.
Continental shares slumped 13.90% to hit €159.55 after warning its now expecting lower sales and higher costs than recorded in its previous guidance.
Meanwhile, broader gains are mainly being led by higher banking stocks, including:
- Deutsche Bank shares rising 0.94% to €10.01.
- Credit Agricole shares gaining 1.70% to €12.11.
- Danske Bank shares moved 2.11% in positive territory to DKK188.65.