Europe open: Shares edge ahead with Barratt, Teamviewer in focus
European shares made slight gains at the open on Wednesday amid another dump of corporate earnings and trading statements, with UK housebuilder Barratt's agreed £2.5bn all-share takeover of rival Redrow among the major deals.
The pan-European Stoxx 600 index was up 0.07% at 487.18 in early deals with most regional bourses higher bar Spain and Germany.
“Market sentiment has been more “glass half full” as fresh comments from policymakers poured out about the progress made on inflation, helping lift stocks on Wall Street,” said Hargreaves Lansdown analyst Susannah Streeter.
German industrial production fell unexpectedly in December, with big falls in output from the key chemical industry.
Industrial production fell 1.6%, compared with expectations of a 0.4% decline, increasing the risk of a downward revision to fourth-quarter GDP. The figure compared with a 0.2% fall in November. On an annual basis, industrial production was down 3%.
In equity news, shares in Barratt fell after it announced its Redrow takeover. Under the terms of the deal Redrow investors will receive 1.44 new Barratt shares for their own stock which would leave them with 32.8% of the combined group and Barratt shareholders with the remainder.
TeamViewer jumped 10% after the German software developer reported higher-than-expected fourth-quarter revenue and earnings.
Reporting by Frank Prenesti for Sharecast.com