FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, October 15, 2020. REUTERS/Staff
October 21, 2020
(Reuters) – European shares slipped on Wednesday as losses in defensive sectors outweighed optimism over encouraging quarterly results from consumer giant Nestle and telecoms equipment maker Ericsson.
The pan-European STOXX 600 <.STOXX> slipped 0.3% by 0711 GMT, with the healthcare <.SXDP> and real estate <.SX86P> sectors falling more than 0.5%.
However, economically sensitive cyclical sectors such as banks <.SX7P> and automakers <.SXAP> rose as U.S. lawmakers moved closer to deal on a new coronavirus relief package.
Nestle <NESN.S> gained 0.6% as it raised its guidance for 2020 organic sales growth, while strong demand for pet food and health products helped quarterly results.
Shares in Sweden’s Ericsson <ERICb.ST> jumped 7.2% as higher margins and China’s 5G rollout helped the company beat quarterly core earnings estimates.
(Reporting by Sruthi Shankar in Bengaluru; Editing by Subhranshu Sahu)
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