European shares head for positive weekly close, Hugo Boss slumps

viernes 16 de octubre de 2015 10:54 GYT
 

* Pan-European FTSEurofirst 300 index up 0.6 pct

* Hugo Boss shares fall over 10 pct on poor outlook

* Carrefour rises as results show Europe improvement

By Atul Prakash and Danilo Masoni

LONDON/MILAN, Oct 16 (Reuters) - European shares extended the previous session's rally on Friday but gave up some of their early gains after mixed results from U.S. industrial heavyweights.

French retailer Carrefour led the advance on good quarterly results, but Hugo Boss shares slumped more than 10 percent. The fashion house cut its 2015 sales and profit outlook as a slowdown in China and more hesitant shoppers in the United States hurt its third-quarter results.

The pan-European FTSEurofirst 300 index was up 0.6 percent and headed for a weekly gain after closing 1.4 percent higher on Thursday. The index rose 4.4 percent last week.

The advance followed strong gains in Asia on Friday after economic data eased concerns about the pace of recovery in the United States. Expectations that monetary policy will remain accommodative also encouraged investors.

"Europe's main indices are attractively valued on a price-to-earnings basis, and with no shocks in the peak period of earnings reporting season in the U.S., it appears that equity investors may have found a base to build upon after the rout in August and September," said Lorne Baring, managing director of B Capital Wealth Management.   Continuación...