12 de agosto de 2014 / 10:39 / en 3 años

German shares lag in Europe as Ukraine conflict hits ZEW

* Germany's DAX down 0.2 pct, FTSEurofirst 300 up 0.2 pct
    * ZEW index, Henkel's guidance show Germany hit by Ukraine
    * Pandora rallies after results

    By Francesco Canepa
    LONDON, Aug 12 (Reuters) - German shares lagged mostly flat
European stocks on Tuesday as a key survey provided more
evidence the region's largest economy was being hurt by the
conflict in Ukraine.
    Frankfurt's DAX index fell 0.2 percent, the biggest
decline among major regional indexes, after the ZEW survey
showed German analyst and investor morale fell to its lowest in
more than a year in August.
    The survey reflected the turmoil in Ukraine and concern that
sanctions and counter-sanctions between Russia and the West may
affect Europe's industrial powerhouse. German companies exposed
to Russia range from Adidas, the world's
second-largest sportswear firm, to airport operator Fraport
 and defence firm Rheinmetall.
    German consumer-goods group Henkel warned on
Tuesday that earnings growth would slow in the second half of
the year, partly because of the friction between Russia and
Ukraine. Henkel shares fell 5.7 percent.
    A convoy of 280 trucks Russia said was carrying humanitarian
aid for Ukraine set off late from near Moscow on Tuesday amid
Western warnings against using help as cover for an invasion.
Ukraine also reported that Russia has massed 45,000 troops on
its border.     
    "The drop in the ZEW index confirms the near-term downside
risk for the German and euro zone economies emanating from the
Ukraine crisis," said Christian Schulz, an economist at
    "That does not change the fundamentally positive outlook,
however. Germany remains in a strong position to capitalise on
any sentiment improvements once the Ukraine crisis fades from
the headlines, and many euro zone countries are enjoying the
benefits of their reforms."
    At 1008 GMT, the FTSEurofirst 300 index of top
European shares was up 0.2 percent at 1,325.92, after rising 1.3
percent on Monday. The euro zone's blue-chip Euro STOXX 50
 index was flat at 3,047.50 points.
    The indexes are  down 6 percent and 8 percent respectively
from their July peaks, hit by worries about conflicts from
Ukraine to the Middle East, the prospect of a tighter U.S.
monetary policy and softer European economic data.
    "We've already seen the underperformance, so if there is no
new (negative) development and the economy starts doing not so
badly we may have sen the trough for this correction," said
Joost Van Leenders, an investment specialist for allocation and
strategy at BNP Paribas Investment Partners.
    Danish jewellery maker and retailer Pandora 
helped to support European indexes on Tuesday. The shares surged
8.5 percent after it posted better-than-expected second-quarter
results, leading it to raise its 2014 revenue forecast.
    As Europe's earnings season draws to a close, STOXX Europe
600 companies have posted a 9.7 percent rise in
second-quarter profits on average. But revenues have slipped 1.1
percent, reflecting Europe's frustratingly slow economic
    Europe bourses in 2014: link.reuters.com/pap87v
    Asset performance in 2014: link.reuters.com/gap87v
    Today's European research round-up 

 (Additional reporting by Blaise Robinson in Paris; Editing by
Larry King)

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