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European Stocks Open Steady as Linde Surges, Ryanair Tumbles

The DAX index curve is displayed on an electronic board at the Frankfurt Stock Exchange in Frankfurt, Germany. Photographer: Ralph Orlowski/Bloomberg

(bloomberg)

(Bloomberg) -- European equities opened little changed, as Ryanair slumped the most since 2016 after cutting its earnings outlook and Linde surged after winning approval from China for a merger with Praxair.

The Stoxx Europe 600 Index was up less than 0.1 percent at the open. Banking stocks were among the biggest decliners following a report in La Repubblica that the EU commission will reject Italy’s budget proposal in November. Oil stocks traded higher as Brent traded near $83 a barrel, with Total and Shell rising.

Ryanair plunged as much as 9.8 percent in London after Europe’s biggest discount carrier lowered its full-year profit guidance by 12 percent, becoming the latest airline in the region to slash its outlook due to higher fuel costs. Investors continue to focus on trade talks and their impact on global growth as U.S. and Canadian negotiators secured an agreement to preserve a three-way trade bloc with Mexico.

“The real worry these days is Italy, this subject will dominate the next sessions,” said Guillermo Hernandez Sampere, head of trading at MPPM EK in Eppstein, Germany. “It is very positive that U.S. and Canada found an agreement, after the negotiators worked around the clock to find a solution. The door to find a deal with China is still open, markets will like that.”

To contact the reporter on this story: Ksenia Galouchko in London at kgalouchko1@bloomberg.net

To contact the editor responsible for this story: Blaise Robinson at brobinson58@bloomberg.net

©2018 Bloomberg L.P.

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