European shares stalled on Wednesday as weak results from the troubled autos sec...
LONDON - European shares stalled on Wednesday as weak results from the troubled autos sector dragged the market down and investors’ confidence in a rally that has sent stocks shooting up this year showed signs of fraying.
“The good news is China is now easing quite aggressively. The less good news is it takes time for credit easing impact the domestic and global economies,” said Nicholas Brooks, head of economic and investment research at Intermediate Capital Group. “The midpoint of the new guidance implies 17 percent consensus earnings downgrades, and the 2020 guidance elimination will likely hurt sentiment,” said UBS analysts.
Carmaker shares, facing a potent cocktail of slowing global growth and rising trade tariffs, have been under pressure for months. The company revised upwards its savings expectations from a U.S. acquisition to offset provisions it has taken on its WesternLink cable connection.
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