November 14, 2019 / 8:38 AM / 25 days ago

European shares slip, Daimler drags on Germany

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Nov 14 (Reuters) - European shares dipped lower in early trade on Thursday, as a drop in Daimler shares and lackluster economic data from Asia as well as Europe, checked any gains from a handful of positive corporate updates.

By 0819 GMT, the pan-European STOXX 600 index fell 0.2%, with German shares dropping 0.4%.

Daimler slumped more than 3% after the German carmaker said tougher emissions rules will hit earnings in 2020 and 2021, forcing it to seek more than 1 billion euros in personnel cuts at Mercedes-Benz Cars by end of 2022.

Earlier, data showed Germany’s output grew 0.1% in the third quarter compared with the previous three months, defying investors expectation that Europe’s economic powerhouse will slide into a recession.

However, the numbers were not strong enough to dispel growth fears as China’s factory output growth slowed significantly more than expected in October and Japan’s economy ground to a near standstill.

Shares in genetic testing company Qiagen shot to the top of the STOXX 600, jumping 12.4% after Bloomberg reported scientific instruments maker Thermo Fisher Scientific had approached company about a potential deal.

British luxury brand Burberry’s shares rose 8.7% after it said the popularity of collections by designer Riccardo Tisci boosted sales in its second quarter. (Reporting by Sruthi Shankar in Bengaluru; Editing by Bernard Orr)

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