EU stocks close lower on the back of the corporate season – Asos loses over 20%

The European index Stoxx 600 fell 0.2 percent, with technology stocks losing their early earnings and down 1.4 percent down on the fall of the German SAP. Shares in the health sector led the profits by 0.8%.

Investors remain at the wave of reports, with many companies posting their results this week. SAP lost 5.6% after the most valuable European technology company reported revenue and operating profits below expectations, dragging the entire sector down with itself.

Novartis beat analysts’ expectations for the second quarter, reporting strong performance and raising its forecast for next year, driving its prices up 3%.

Asos’s shares lost the staggering 20.5% after the British online fashion company published a third warning about its earnings for the past 8 months.

Also, the focus remains on commercial rhetoric. The Wall Street Journal reported that trade talks between the two largest economies in the world are facing difficulties over the restrictions of Chinese technology giant Huawei.

 Trader Aleksandar Kumanov

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