August 29, 2018 / 7:54 AM / 21 days ago

European shares edge up, optimism from U.S./Mexico deal fizzles

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LONDON, Aug 29 (Reuters) - European shares rose slightly at the open on Wednesday as optimism triggered by the U.S./Mexico deal gradually fizzled and uncertainty grew about a similar agreement with Canada and a lasting solution to the trade spat with China.

At 0719 GMT, the STOXX 600 was up 0.2 percent with most bourses and sectors trading in positive territory.

Germany’s RTL posted the best performance of the pan-European index with a 6.2 percent rise after publishing forecast-beating growth in revenues and core earnings in the second quarter.

Micro Focus, the British software company, came second with a 4.9 percent rise after it started a share buy-back program.

Pernod Ricard’s results received a rather cold welcome from investors with some analysts noting a disappointing guidance from the French spirits maker.

“We see Pernod as a core long-term staples holding, however current valuation makes it hard for us to put fresh money to work”, wrote Jefferies analyst Edward Mundy who maintained his ‘Hold’ rating on the deal.

Shares in Spain’s Inditex suffered after Morgan Stanley rated the Zara owner “underweight” for the first time ever. (Reporting by Julien Ponthus Editing by Richard Balmforth)

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