European shares pare losses from China hit

jueves 13 de agosto de 2015 04:16 GYT
 

* FTSEurofirst 300 up 1.6 pct

* Bounce-back for automakers, luxury stocks

* Nestle reports slightly disappointing sales

* TUI, Moller Maersk lead after updates

* Aegon, RWE fall on results disappointment

LONDON, Aug 13 (Reuters) - European shares bounced on Thursday after a four-percent fall this week, tracking a late rally on Wall Street and gains in Asia on efforts by China's central bank to slow the sharp descent of the yuan that has rocked markets worldwide.

The pan-European FTSEurofirst 300 index was up 1.6 percent, with national benchmark euro zone indexes broadly in line with that rise at 0756 GMT.

Automakers and luxury goods stocks, among the worst hit this week, were among the biggest gainers. Better-than-expected profits from Moller Maersk and a positive earnings outlook from TUI helped those sectors outperform.

"I think markets massively misunderstood what happened in China," Jefferies strategist Sean Darby said.   Continuación...