UG.PA - Peugeot S.A.

Paris - Paris Delayed price. Currency in EUR
24.35
+0.34 (+1.42%)
As of 5:04PM CET. Market open.
Stock chart is not supported by your current browser
Previous close24.01
Open24.19
Bid0.00 x 0
Ask0.00 x 0
Day's range24.04 - 24.53
52-week range17.17 - 27.06
Volume2,275,322
Avg. volume2,934,718
Market cap21.757B
Beta (3Y monthly)N/A
PE ratio (TTM)7.20
EPS (TTM)N/A
Earnings date24 Jul 2019
Forward dividend & yieldN/A (N/A)
Ex-dividend dateN/A
1y target est24.75
  • Reuters - UK Focus

    UPDATE 2-Trade optimism propels European shares to near 2-year highs

    Optimism over trade talks helped European shares close at their highest level in nearly two years on Monday, while a strong earnings report by Ryanair lifted Irish stocks to a more than one-year high. Siemens Healthineers jumped 9.5% to a record high after it said it expected strong growth to continue next year following a better-than-expected fourth quarter.

  • Peugeot's Fiat Takeover Is Great for Some Investors
    Bloomberg

    Peugeot's Fiat Takeover Is Great for Some Investors

    (Bloomberg Opinion) -- Peugeot SA’s equity holders might not think much of its takeover of Italy’s Fiat Chrysler Automobiles NV but bondholders appear to love the idea. Fiat’s credit spreads (the extra yield above the benchmark) have tightened by as much as one-third after news of the deal emerged, accompanying a jump in the company’s share price. Peugeot’s shares fell sharply because of concerns about the premium it would have to pay, but the French company’s credit spreads modestly improved. It’s interesting that Peugeot’s shareholders and bondholders took such different views.One reason is that the European Central Bank is restarting its quantitative easing program, meaning there’s a big new buyer in the euro zone for investment grade corporate bonds. If Peugeot-Fiat becomes reality it will have the right hallmarks to attract Christine Lagarde’s Frankfurt institution. While there’s no firm deal yet, the credit rating agency S&P Global Ratings says the creation of the world’s fourth-biggest carmaker would support Fiat’s debt ratings.However, the ECB could be the real driver for shrinking both companies’ credit spreads. The central bank has just restarted its so-called corporate sector purchasing program as part of the 20 billion euro ($22.3 billion) per month QE bond-buying scheme. According to Mahesh Bhimalingam of Bloomberg Intelligence, there could be about 2.5 billion euros per month of corporate debt purchased.Fiat is already rated BBB- by Fitch Ratings, after being upgraded to investment grade from junk last November. This makes it eligible for inclusion onto the ECB’s list of potential purchases. Peugeot was junk-rated too until recently, but is now a stable BBB- across all the major ratings companies. Both companies were too late to feature in the first round of ECB asset-buying, which snapped up 178 billion euros of corporate bonds.The ECB isn’t going to suddenly build huge holdings in Fiat or Peugeot debt, but it’s logical to assume that it will look to add newly eligible industrial names. On average, the central bank owns about 20% of any holding’s total eligible debt. It doesn’t officially buy bonds to make a profit but it’s common sense to prefer an asset that offers some yield when compared to the negative rates of sovereign debt.Furthermore, as the chart above shows, the ECB likes carmakers. It probably owns up to 75 billion euros of debt in the three German autos giants, Volkswagen AG, Daimler AG and BMW AG. It would be strange indeed then if it didn’t acquire a decent chunk of the bonds in one of Europe’s biggest cross-border industrial combinations. That must put a supportive floor under the Fiat and Peugeot credit spreads.To contact the author of this story: Marcus Ashworth at mashworth4@bloomberg.netTo contact the editor responsible for this story: James Boxell at jboxell@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Marcus Ashworth is a Bloomberg Opinion columnist covering European markets. He spent three decades in the banking industry, most recently as chief markets strategist at Haitong Securities in London.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • Is Peugeot (EPA:UG) Using Too Much Debt?
    Simply Wall St.

    Is Peugeot (EPA:UG) Using Too Much Debt?

    Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...

  • Reuters - UK Focus

    UPDATE 1-European labour unions fret about jobs in Fiat Chrysler-PSA deal

    PARIS/MILAN, Oct 31 (Reuters) - European labour unions have called on Peugeot owner PSA and Fiat Chrysler to avoid job cuts and factory closures as the two major carmakers prepare to tie the knot, underscoring worries about the $50 billion deal as the regional economy falters. As PSA and Fiat Chrysler detailed plans on Thursday to create the world's No. 4 automaker, IG Metall, Germany's largest union by members, said it would seek to preserve the autonomy of the French carmaker's German unit Opel. The two groups have said no plants would be closed and an existing arrangement rules out forced layoffs at Opel, bought by PSA two years ago, until mid-2023.

  • Fiat and Peugeot Turn to Small Advisory Firms for Huge Car Deal
    Bloomberg

    Fiat and Peugeot Turn to Small Advisory Firms for Huge Car Deal

    (Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.When PSA Group and Fiat Chrysler Automobiles NV pursued Europe’s biggest merger of the year, they turned in large measure to small advisory firms.PSA worked with French boutique Messier Maris & Associés, while its board was advised by Perella Weinberg Partners and the Peugeot family by Zaoui & Co. Fiat used d’Angelin & Co. and Goldman Sachs Group Inc., the sole Wall Street bank in a leading role. The carmaker’s largest shareholder, Exor NV, chose Lazard Ltd. Morgan Stanley said it also advised PSA in an analyst note.Those firms are now poised to split as much as $90 million in advisory fees, according to estimates from Freeman & Co. The deal underlines the increasing trend of big companies leaning on smaller firms for advice when there’s no financing required from large corporate lenders.Three of the advisers would be considered mini-boutiques. Paris-based Messier Maris & Associés, set up in 2010 by ex-Lazard bankers Jean-Marie Messier and Erik Maris, has only five partners. Italian bank Mediobanca SpA bought a controlling stake in the firm this year.Zaoui, which has advised the Peugeot family on several transactions, was created by brothers Michael and Yoel Zaoui, both former bulge-bracket M&A bankers. Benoit d’Angelin, the ex-Lehman Brothers banker who founded the namesake firm in 2016 in London, is behind the almost 20-person shop that advised Fiat. Those are the smaller versions of larger, global boutiques like Perella Weinberg, which has been expanding in France, and Lazard, which has a long history in the country.By combining, Fiat Chrysler and PSA -- the maker of Peugeot and Citroen vehicles -- would create a regional powerhouse to challenge Volkswagen AG. The tie-up would bring together the billionaire Agnelli clan in Italy and the Peugeot family of France as consolidation sweeps through an industry trying to finance major transformation.\--With assistance from Michael Hytha.To contact the reporter on this story: Aaron Kirchfeld in London at akirchfeld@bloomberg.netTo contact the editors responsible for this story: Daniel Hauck at dhauck1@bloomberg.net, Aaron Kirchfeld, Frank ConnellyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Reuters - UK Focus

    LIVE MARKETS-Closing snapshot: profit taking, but October was good

    * European stocks end lower after positive open * Reported China doubts about trade deal offset Fed rate cut * Fiat climbs to 1-year high, Peugeot drops after announcing 50-50 merger * Eutelsat falls sharply after weak results * Wall Street falls despite strong Apple, Facebook results Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Julien Ponthus. Reach him on Messenger to share your thoughts on market moves: rm://julien.ponthus.thomsonreuters.com@reuters.net CLOSING SNAPSHOT: PROFIT TAKING, BUT OCTOBER WAS GOOD (1657 GMT) It was a day of profit taking across European stock markets as more brokers advised clients to take a break after the October rally that saw the STOXX 600 recover 6% from the month's lows as investors moved to priced in the good news on Brexit and trade.

  • Fiat Deal Would Leave Peugeot CEO With a European Headache
    Bloomberg

    Fiat Deal Would Leave Peugeot CEO With a European Headache

    (Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.PSA Group and Fiat Chrysler Automobiles NV’s plan to combine into the world’s fourth-largest automaker will face a laundry list of challenges, with the bleak outlook for Europe near the top.The Peugeot car manufacturer and Fiat mapped out an accord Thursday for a 50-50 Netherlands-based holding company to be headed by PSA Chief Executive Officer Carlos Tavares. They said the deal would lead to 3.7 billion euros ($4.1 billion) in annual synergies without factory closures.Investors sent PSA shares tumbling as much as 14% after digesting the details, which show the French carmaker paying a premium of around 32%. Fiat shares rose as much as 11%.Read more: Plunging Peugeot Shows Who the Buyer Is in Merger of Equals (1)The combination would create a global powerhouse and leave Tavares, who has successfully turned around PSA and the loss-making Opel brand it acquired, to figure out how to integrate Fiat’s struggling operations in Europe. The Italian-American manufacturer published earnings Thursday that showed a widening loss in the region.“Fiat-Chrysler is in a very bad situation” in Europe, said Jean-Pierre Corniou, a partner at SIA consultancy in Paris. Only the American brands, RAM and Jeep are attractive, and the Fiat plant utilization rate is around 50% in some parts of Italy, he said.The contrast with PSA is striking. Sales of Fiat Chrysler branded cars including Fiat, Jeep, Lancia, Chrysler, Alfa Romeo and Maserati, fell 10% in Europe during the first nine months of 2019, based on data from the European Automobile Manufacturers Association. At the French carmaker, the second-largest in sales in the region, they were little changed, against an industry decline of 1.6%.The plan for their tie-up is unfolding at an exacting time for global car manufacturers who are having to grapple with a deepening industry slump and a wall of investment required for new technologies.The deal would bring together the billionaire Agnelli clan in Italy and the Peugeot family of France. Yet their deep national roots, along with the French government’s 12% stake in PSA, will make slimming down all the more difficult.France is one of the biggest shareholders of PSA, and while the government has signaled support for a deal, it has also warned it would scrutinize the jobs impact and governance structure of the new company.Italian Industry Minister Stefano Patuanelli also said the government would make sure the deal and expected cost cuts don’t affect jobs in Italy.Read More: Five Reasons Why France Is Backing a Fiat-Peugeot MergerThe combination makes economic and strategic sense, but “there are significant hurdles to overcome and execution risks,” Oddo BHF analysts wrote in a note. These include headcount and under-utilized plants in Europe as well as the challenge of gaining antitrust clearance for a company that would have a strong presence in France, Italy and Spain, they said.Looming large over operations in Europe are tougher rules on emissions that kick in next year. Carmakers’ fleets will have to comply with stricter caps, leaving Fiat vulnerable to future fines. The Italian-American company is a laggard on low-emissions technology whereas PSA plans to introduce seven electric vehicles by 2021 and offer either electric or hybrid versions of all models by 2025.Still, Fiat brings PSA a long-sought presence in North America, a market that’s traditionally been more profitable for the car industry. Tavares also has a track record of turning around European automotive operations.“Tavares’ playbook has been to take on loss making businesses and fix them, rapidly,” Bernstein analyst Max Warburton wrote in a note. “We believe he can achieve something similar at Fiat in Europe.”PSA and Fiat said they aim to reach a binding memorandum of understanding in the coming weeks. Goldman Sachs, D’Angelin & Co and Sullivan & Cromwell are advising Fiat Chrysler. Perella Weinberg and Mediobanca’s Messier Maris are advising PSA. The Peugeot family is advised by Zaoui & Co and Lazard is advising Exor.\--With assistance from Gabrielle Coppola.To contact the reporters on this story: Ania Nussbaum in Paris at anussbaum5@bloomberg.net;Daniele Lepido in Milan at dlepido1@bloomberg.netTo contact the editors responsible for this story: Anthony Palazzo at apalazzo@bloomberg.net, ;Kenneth Wong at kwong11@bloomberg.net, Tara Patel, Frank ConnellyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Reuters - UK Focus

    GLOBAL MARKETS-Stocks touch 20-month high, bond yields drop after Fed cuts

    World stocks edged to their highest in over 20 months on Thursday after the Federal Reserve cut rates even as it signaled it would hold back from further reductions, sending bond yields and the dollar down. MSCI's world equity index, which tracks shares in 47 countries, rose 0.1% to its highest since early February last year, with many investors remaining expectant of further easing in spite of the Fed's slightly hawkish tone. Asian stocks outside Japan had earlier forged ahead on the cuts, following Wall Street's advance to fresh record highs, climbing 0.3% to touch their highest since Jul. 30.

  • Billionaire Agnellis Grab a Massive Sweetener
    Bloomberg

    Billionaire Agnellis Grab a Massive Sweetener

    (Bloomberg Opinion) -- Fiat Chrysler Automobiles NV may have struck too fine a bargain with Peugeot SA. The Italian carmaker has extracted a chunky premium in exchange for agreeing a takeover that’s being dressed up as a merger. At first blush Peugeot’s shareholders aren’t convinced it’s worth it, and it’s not hard to see why they’re skeptical.While there’s no binding deal yet, the terms have been set to ensure Fiat investors take more out of the combination than they put in. The company’s market value was already smaller than Peugeot’s going into the tie-up. Even so, its shareholders — with the billionaire Agnelli family the largest — would withdraw about 5.8 billion euros ($6.5 billion), mainly from a special dividend, before the carmakers come together. That further diminishes Fiat’s financial contribution to the enlarged group.For their part, Peugeot investors will siphon off their company’s stake in car parts-maker Faurecia SE. That’s worth only 2.6 billion euros. Deduct the special dividend and Faurecia from Fiat’s and Peugeot’s respective market values on Tuesday, and the Italian company’s shareholders will contribute about 40% of the combined equity in return for a 50% stake in the new Peugeot-Fiat. Plus they’ll get a half share in the value of any cost savings.True, Fiat was valued closer to Peugeot when judged on average values over the past three months. On that basis, Fiat might deserve some top-up. Still, that alone doesn’t justify the premium.Why is Peugeot being so generous? One reason is that this is really a low-premium takeover by the French company. Peugeot is getting the balance of power in the boardroom, providing the chief executive officer in Carlos Tavares and nominating five out of 10 other roles.The other is that Peugeot’s board thinks it really needs this deal, and is willing to pay for it. Strategically, Fiat brings the U.S. market and the chance to accelerate the development of electric vehicles. Financially, the cost savings are put at 3.7 billion euros yearly. Taxed, capitalized at Fiat’s earnings multiple and adjusted for the more than four years that will be needed to achieve them, these savings could be worth about 6 billion euros even after one-off costs. That’s 3 billion euros to each side.For now the market is taking little on trust. Small wonder. The companies say there will be no plant closures, which puts a lot of pressure on other areas — suppliers in particular — to fund the savings. Peugeot’s and Fiat’s market values have jointly added less than 1 billion euros since talks leaked.Peugeot is presumably counting on the support of its three core investors — the French state, the founding Peugeot family and China’s Dongfeng Motor Group — to get a deal through a shareholder vote if one is finally agreed. But in the market, the jury’s out.To contact the author of this story: Chris Hughes at chughes89@bloomberg.netTo contact the editor responsible for this story: James Boxell at jboxell@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Chris Hughes is a Bloomberg Opinion columnist covering deals. He previously worked for Reuters Breakingviews, as well as the Financial Times and the Independent newspaper.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • Factbox: Fiat Chrysler, Peugeot tie-up: how does it work?
    Reuters

    Factbox: Fiat Chrysler, Peugeot tie-up: how does it work?

    Fiat Chrysler and Peugeot owner PSA have agreed to join forces to create the world's fourth-largest automaker. - Fiat Chrysler Automobiles (FCA) and PSA aim to reach a binding agreement to create a $50 billion (£39 billion) company in the coming weeks. - PSA Chief Executive Carlos Tavares would be the group's CEO.

  • What to Watch: Shell profit dives, Carpetright takeover, and Lloyds management reshuffle
    Yahoo Finance UK

    What to Watch: Shell profit dives, Carpetright takeover, and Lloyds management reshuffle

    A daily overview of the top business, market, and economic stories to watch in the UK, Europe, and abroad.

  • Fiat Chrysler and Peugeot owners agree to $50bn merger
    Yahoo Finance UK

    Fiat Chrysler and Peugeot owners agree to $50bn merger

    The merger, which the automakers described as a 'bold and decisive move', would create the fourth-largest automaker in the world.

  • Reuters - UK Focus

    European shares up on Fed boost; autos, energy cap gains

    European shares rose on Thursday after the U.S. Federal Reserve cut interest rates, but a slump in auto and energy stocks kept gains in check as investors digested a fresh batch of earnings. The pan-European STOXX 600 index rose 0.3% at 0820GMT led by gains in Milan's FTSE MIB but London's FTSE 100 lagged. The U.S. federal reserve cut interest rates as expected but also signaled there would be no further reductions unless the health of the economy took an unhealthy turn.

  • Reuters - UK Focus

    UPDATE 6-Peugeot board gives a green light to FCA talks - source

    MILAN/PARIS, Oct 30 (Reuters) - The supervisory board of Peugeot maker PSA on Wednesday gave Chief Executive Carlos Tavares the go-ahead to pursue a $50 billion merger with Italy's Fiat Chrysler Automobiles NV, a source familiar with the matter said, moving the companies closer to a deal that could transform the global auto industry. Fiat Chrysler's board and the directors of Exor NV , the holding company of Italy's Agnelli family, are expected to meet later Wednesday, people familiar with the situation said.

  • Reuters - UK Focus

    UPDATE 1-UK union seeks meeting with Peugeot over potential Fiat tie-up fears

    Britain's biggest trade union Unite wants a meeting with management at French carmaker Peugeot over its possible tie-up with Fiat Chrysler, saying merger talks and uncertainty over Brexit are "deeply unsettling" for workers at British plants. Peugeot-owner PSA operates a southern English van factory in Luton and a car plant in Ellesmere port, near Liverpool, building vehicles badged under the Vauxhall brand in Britain and Opel on the rest of the continent.

  • Explainer: What is driving Fiat Chrysler and Peugeot merger talks?
    Reuters

    Explainer: What is driving Fiat Chrysler and Peugeot merger talks?

    MILAN/PARIS (Reuters) - Fiat Chrysler and Peugeot owner PSA are in talks to combine and create a $50 billion (£39 billion) giant better placed to tackle a host of costly technological and regulatory challenges facing the auto industry. The move comes less than five months after merger talks between FCA and French carmaker Renault foundered, with the U.S.-Italian group blaming intervention from French government officials. Its brands include Peugeot, Citroen, Opel and Vauxhall.

  • Fiat Billionaires Can Extract a Price From Peugeot
    Bloomberg

    Fiat Billionaires Can Extract a Price From Peugeot

    (Bloomberg Opinion) -- Right now is a highly opportune moment for PSA Group boss Carlos Tavares to negotiate a merger with rival European carmaker Fiat Chrysler Automobiles NV.  Shares in PSA, the owner of Peugeot, have had a great run in recent months, making them a strong deal-making currency. The flip side is that this is a reason for shareholders in Fiat to demand that any “merger of equals” actually includes a premium for them.The two carmakers have relatively similar market capitalization but the precise details matter. Crunch the duo together at their closing market values on Tuesday and Peugeot shareholders would deserve to own 55% of the combination. The snag is they would then enjoy more than half of the future value creation from a deal. That’s a bit unfair: It takes two to tango. This could be solved by giving each side 50% ownership, but shrinking Peugeot via a big dividend ahead of the deal closing. That way each side would contribute an equal amount of equity value, and own and equal share of the bigger group.But is it possible such an arrangement would still be unfair? Fiat shareholders, including the billionaire Agnelli clan, might think so based on what they’re putting in. For starters, Fiat’s sales and profits are bigger than Peugeot’s. There’s also an argument that Fiat’s share-price upside may be higher too.Fiat’s valuation is markedly lower than Peugeot’s on the common profit-multiple measures. That valuation gap, and the difference in the pair’s market values, has widened in recent months as Peugeot stock has rallied. Meanwhile, the average analyst price target on Fiat shares is more than 20% higher than where the shares closed Tuesday. Peugeot shares were pretty much at their target price.On top of that, there’s the question of who will be running the show. It’s likely Tavares will be the driving force of the combination. This risks looking and feeling like a Peugeot takeover of Fiat.The remedy for such concerns would be to give Fiat shareholders a bit more than what they appear to put in. There’s a precedent: The proposed merger between Fiat and rival French carmaker Renault SA from May. In those talks, Fiat was the larger partner based on prevailing market capitalizations, and so the plan was for a Fiat special dividend beforehand to bring it closer to a 50:50 deal. But even then, Renault shareholders would have gotten a slight premium. The terms were designed to placate feelings that Renault was chronically undervalued.Tavares should get the idea. Back then, musing from the sidelines in an internal memo to Peugeot staff, he called the proposed Renault deal a virtual takeover by Fiat. And when a merger becomes a takeover, a premium is paid. Fiat needed to address the concern that it was getting Renault on the cheap. Peugeot may now need to do the same with Fiat.To contact the author of this story: Chris Hughes at chughes89@bloomberg.netTo contact the editor responsible for this story: Melissa Pozsgay at mpozsgay@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Chris Hughes is a Bloomberg Opinion columnist covering deals. He previously worked for Reuters Breakingviews, as well as the Financial Times and the Independent newspaper.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • Reuters - UK Focus

    LIVE MARKETS-Banks battered on big earnings day

    * European shares flat before Fed meeting * Fiat Chrysler and PSA confirm tie-up talks, stocks rally * Bank earnings in focus: DB, CS, StanChart, Santander * Fed seen cutting rates, focus on policy outlook Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Julien Ponthus. Reach him on Messenger to share your thoughts on market moves: rm://julien.ponthus.thomsonreuters.com@reuters.net BANKS BATTERED ON BIG EARNINGS DAY (1240 GMT) Is there any hope for banks? If you looked at their performance today when banks of the size of Deutsche Bank, Credit Suisse and Santander have reported their latest updates, you'd probably say no. Europe's banking index is leading sectoral fallers, tumbling 1.7% and set for its worst day in four weeks.

  • Reuters - UK Focus

    LIVE MARKETS-We're unlikely to see a repeat of late 2018 rout

    * European shares flat before Fed meeting * Fiat Chrysler and PSA confirm tie-up talks, stocks rally * Bank earnings in focus: DB, CS, StanChart, Santander * Fed seen cutting rates, focus on policy outlook Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Julien Ponthus. "They (investors) seem to be worried about a repeat of the painful de-risking seen in November and December last year, but we believe it is unlikely to materialise," Barclays equity strategists led by Emmanuel Cau say in a note. Here's a chart on high 2020 earnings expectations and market's de-risking in late 2018, when 2019 expectations came of rails: (Thyagaraju Adinarayan) ***** UK HOUSEBUILDERS ON ELECTION WATCH (0945 GMT) So now we have an election date -- Dec. 12 -- and housebuilders are among the sectors that could be affected.

  • Reuters - UK Focus

    GLOBAL MARKETS-Fed and $50bln auto merger plan temper share price pullback

    World shares slipped off 21-month highs on Wednesday as the prospect of a U.S. rate cut was offset by reports a Sino-U.S. trade deal may be delayed, though a possible $50 billion merger between Fiat-Chrysler and PSA capped European losses. Sentiment has also been dented by weak earnings from a swathe of companies ranging from European banking giant Deutsche to tech titan Google, and by renewed uncertainty in Britain, which is set to hold a parliamentary election on Dec. 12. After falls of around 0.5% on Asian bourses , Europe's pan-European equity benchmark was trading near flat%.

  • Reuters - UK Focus

    GLOBAL MARKETS-Trade and Fed rate worries offset $50 bln M&A deal news, sapping stocks' strength

    World shares slipped off 21-month highs on Wednesday as the prospect of a U.S. interest rate cut was offset by reports a Sino-U.S. trade deal may be delayed, but a possible $50 billion merger between Fiat-Chrysler and PSA capped European losses. After falls of around 0.5% on Asian bourses , European shares opened softer, with a pan-European equity benchmark down 0.2%.

  • Reuters - UK Focus

    UPDATE 2-European shares nudge higher as L'Oreal outweighs bank earnings upset

    European shares eked out gains on Wednesday, buoyed by upbeat results from L'Oreal which defied Chinese slowdown fears, although weak earnings from some of the bloc's biggest lenders such as Deutsche Bank and Santander kept a lid on gains. The pan-European STOXX 600 index was up 0.1%, with a 1.5% rise in the personal & household goods sector leading gains.

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