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LIVE MARKETS-Opening snapshot: Renault, Burberry and Sopra Steria

Reuters - UK Focus
·2-min read

Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters. You can share your thoughts with Thyagaraju Adinarayan (thyagaraju.adinarayan@tr.com), Joice Alves (joice.alves@tr.com), Julien Ponthus (julien.ponthus@tr.com) in London and Danilo Masoni (danilo.masoni@tr.com) in Milan.

OPENING SNAPSHOT: RENAULT, BURBERRY AND SOPRA STERIA (0840 GMT)

European stocks opened in negative territory as coronavirus cases rise and investors try to reduce exposure to perceived risk companies.

The pan-European STOXX 600 index fell 0.5% and is set to lose slightly for the week hit by a number of weak earnings, especially in the insurance and bank sectors.

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In terms of single stocks, car maker Renault was down 3.5% after Nissan said it plans to delay restart of operations at some China plants beyond February 24 due to coronavirus impact.

Burberry Group was the main faller of Britain's index after Jefferies cut its price target saying the luxury company is one of the most exposed brands to the coronavirus outbreak.

On a more positive note, Sopra Steria is topping the STOXX index after it said it is planning to buy Sodifrance.

Here is your snapshot of European bourses around 8.30 GMT.

(Joice Alves)

*****

EUROPEAN SHARES SEEN LOWER(0720 GMT)

European bourses are seeing opening lower this morning as fears over the coronavirus, after China reported an uptick in new cases, are keeping investors concerned.

Investors will also pay attention to new PMI figures due to be released today.

"In the UK, investors will monitor through PMI data how much of the post-election optimism has stayed with the ongoing Brexit shenanigans amid a difficult start to bilateral trade negotiations," writes Ipek Ozkardeskaya, senior analyst at Swissquote Bank.

Stoxx futures are down 0.7%, FTSE 100 futures are down 0.5% and Germany's Dax futures are 0.7% lower.

(Joice Alves)

*****

(Reporting by Danilo Masoni, Joice Alves, Julien Ponthus and Thyagaraju Adinarayan)