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European shares reverse earlier losses amid political concerns

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European shares have turned positive Thursday afternoon, despite some ongoing political concerns in Italy and the US. Meanwhile, H&M’s latest financial report was upbeat and sent the stock over 10% into the green.

By 1450 BST, the EUROSTOXX 600 was up 0.11% and the EUROSTOXX 50 had gained 0.20%. Regional bourses were, however a little mixed. The German DAX rose 0.20%, the French CAC was 0.22% in the green, while the Spanish IBEX moved 0.28% lower and the Italian MIB lost 0.93%.

Political concern

European indices were more subdued at the open Thursday, as investors were cautious amid key US and Italian news.

US President Trump accused China of trying to interfere with the US midterm elections. “Regrettably, we found that China has been attempting to interfere in our upcoming 2018 election coming up in November against my administration,” Trump told the UN Security Council.

China denied the allegations, stating “We do not and will not interfere in any countries' domestic affairs.”

Also adding to investor caution was the news that the Italian budget plan has been delayed, this saw fears that the Italian Government’s plans may not be completely aligned with EU rules, resurface.

Italian bank stocks were among the big losers:

  • UniCredit shares fell 2.21% to €13.82.
  • Intesa Sanpaolo stocks were off 1.89% at €2.39.
  • UBI Banca shares we down 2.30% at €3.74.

Stock movers

Elsewhere, there other stock movers were notable in the broader market.

H&M shares were 11.11% higher at SEK164.98 after the Swedish fast-fashion retailer reported a 3% rise in sales in the nine months to the end of August. The retailer also said online sales had grown 32% in the third quarter.

However, Indivior shares were among top losers, falling 10.33%, after the drug maker cut its revenue forecast for its Sublocade, opioid addiction drug. The pharma firm said it had underestimated how long it would take for its medical benefit approval.

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