Europe close: Indices reverse early losses, end mostly higher
Updated : 17:23
European shares reversed early losses on Wednesday triggered by a 60% plunge in shares of French payments company Worldline.
The pan-European Stoxx 600 index finished higher by 0.04% at 435.27, with all major bourses slightly up alongside, save for Milan's FTSE Mib which ended the day down by 0.52% to 27,428.60.
"It's been another day of choppy trading for markets in Europe with the latest company results indicating a range of fortunes for various businesses over the last quarter," said Michael Hewson, chief market analyst at CMC Markets UK.
"Today’s bias has remained very much tilted towards the downside with a distinct risk off tone, with US markets pulling Europe into the red in the afternoon session."
Shares in China and Hong Kong outperformed the Asia region on news Beijing planned to issue additional sovereign debt and raise the budget deficit ratio.
The government announced a 1 trillion yuan sovereign bond issuance. State media reported the funds would be used to help rebuild areas hit by this year’s floods and to improve urban infrastructure.
In equity news, Worldline tanked after the company cut annual earnings targets due to the macroeconomic slowdown in core geographies, particularly Germany.
The group now sees organic or self-generated sales growth in 2023 of between 6% and 7%, compared with 8% to 10% previously expected.
French software maker Dassault Systemes surged 8% as it lifted its full-year profit outlook.
Deutsche Bank shares jumped after the German lender beat expectations for third quarter earnings.
Net profit was €1.03bn, above an analyst consensus of quarterly net profit attributable to shareholders of €997m.
Heineken shares also gained as the Dutch brewing giant held annual guidance, despite lower sales volumes due to the poor summer weather.