Shares reach two-week high after Nafta deal; autos rally

Shares reach two-week high after Nafta deal; autos rally

Shares reach two-week high after Nafta deal; autos rally

At 0840 GMT, the STOXX 600 index was up 0.1 percent with most bourses and sectors broadly flat.

European shares were little changed on Wednesday as optimism triggered by a USA trade deal with Mexico ebbed, and uncertainty grew about a similar agreement with Canada and a solution to Washington's spat with Beijing.

The UK's FTSE-100 was 0.5pc higher.

The United States and Mexico agreed on Monday to overhaul the NAFTA trade association, while investors waited to see if Canada would accept a revised deal. That puts pressure on Canada to agree to new terms on vehicle trade and dispute settlement.

"Trade is the number one factor driving markets right now", Jasper Reimers, market analyst at Vertex Capital Group, said.

Among individual stocks, shares in Danish brewer Royal Unibrew topped the STOXX with a 5.2 percent gain after the company raised its outlook for the third time this year.

In other movers, Germany-listed shares of USA electric carmaker Tesla fell more than 5 per cent in early deals on the Tradegate exchange, indicating the U.S. stock will take a hit after Chief Executive Elon Musk called off his bid to take the company private.

Emmy Rossum reveals she's leaving 'Shameless' after season 9
I never had a big family. "This business is always an adventure, full of travel and opportunities to tell stories", she wrote . The news of her exit comes after it was announced that Friends alum Courteney Cox will be joining the show for season nine.

European shares climbed on Monday after a market-friendly speech by US Fed Chairman Jerome Powell and signs of progress on a US-Mexico NAFTA trade deal, which drove auto stocks higher.

Atlantia was down 0.8 percent after rejecting the idea of nationalizing its unit Autostrade per l'Italia after the collapse of a bridge in Genoa.

Luxury stocks LVMH and Richemont climbed 1.6 to 1.9 percent after the Swiss competition authority WEKO declined to open a formal investigation into watchmakers over the supply of spare parts for independent watch fix shops.

The German share price index DAX is seen at the stock exchange in Frankfurt, Germany, August 23, 2018.

While earnings growth has been strong, with companies delivering 10.9 per cent year-on-year growth for the second-quarter earnings season, valuations are low as investors look ahead to risks like Italy's budget set to be thrashed out in September.

While earnings growth has been fair for Europe, it has been nowhere near as strong as the 24.8 percent figure for the S&P 500.

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