The German share price index, DAX board, is seen at the stock exchange in Frankfurt, Germany, November 1, 2017. REUTERS/Staff/Remote
November 7, 2017
MILAN (Reuters) – European shares rose on Tuesday buoyed by exuberant markets in New York and Asia with early sluggishness in the euro boosting the export-oriented DAX <.GDAXI> index to a new record high.
A rebound in banks and gains among commodity stocks underpinned the broader market, sending the pan-European STOXX 600 index <.STOXX> up 0.2 percent by 0819 GMT and helping offset a number of disappointing earning updates including from BMW <BMWG.DE>.
The German carmaker fell 2 percent after its third-quarter earnings fell 5.9 percent, near the low-end forecast in a Reuters poll, due to upfront costs for new technologies and models. The world’s second-largest luxury automaker however slightly lifted its outlook for pretax profit this year.
Its fall was more than offset by broad-based gains that sent the DAX, the German country benchmark index, up 0.3 percent.
On the STOXX 600, the biggest fallers were shares in chipmaker Dialog Semiconductor <DLGS.DE>, down 6.1 percent following a cautious outlook for the fourth quarter.
Also under pressure following their updates were shares in Danish shipping group A.P. Moller Maersk <MAERSKb.CO>, Siemens Gamesa <SGREN.MC> and London-listed security group G4S <GFS.L>.
The FTSE <.FTSE> was up 0.1 percent.
(Reporting by Danilo Masoni, Editing by Helen Reid)
