February 13, 2018 / 8:42 AM / a month ago

European shares edge down despite recovery in Wall Street, Asia

LONDON, Feb 13 (Reuters) - European shares faltered on Tuesday morning in contrast with Wall Street which bounced back for a second day overnight, and as a flurry of corporate results failed to lift indexes.

The pan-European STOXX 600 index was down 0.2 percent by 0830 GMT with most bourses and sectors flat or in negative territory.

The telecoms sector suffered after Telenet reported 2017 results. The Belgian operator fell over 7 percent, the worst performer on the STOXX.

Shares in Gucci owner Kering slid 2.6 percent despite the luxury group reporting stronger-than-expected Q4 sales growth.

On the other hand, shares in French video game producer Ubisoft rose 5.1 percent after a trading update which took it at the top of the STOXX 600.

Randstad, the world’s second-largest staffing company and a bellwether for the economy, saw fourth-quarter core profit rise 15 percent, buoyed by a strong recovery in the European job markets. Its shares gained 0.9 percent.

European travel group TUI rose 2 percent after reporting that summer trading was good with bookings for Greece, Turkey and Cyprus all growing strongly. The travel and leisure sector was among the few to trade in positive territory.

Smelter Aurubis fell about 4 four percent after its results fell short of the average forecast in a Reuters poll. (Julien Ponthus, Editing by Helen Reid)

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