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Europe midday: Stoxx edges up ahead of Trump talk; Puma plunges 20%
(Sharecast News) - European shares pulled themselves into positive territory as investors waited for US President Donald Trump's address to the World Economic Forum in Davos for any indication of how severe his threatened tariffs on imports would be, while Puma shares plunged by a fifth as results missed expectations. The pan-European Stoxx 600 index edged up 0.12% to 528.66 at midday, having hit fresh intra-day highs on Wednesday. Germany's DAX outperformed with a 0.26% rise to 21,313 points.
"Across Europe, markets have hit the pause button on their recent rally, with hopes pinned on further ECB rate cuts to keep the party going," said Hargreaves Lansdown analyst Matt Britzman.
"Markets are getting wise to President Trump's negotiation tactics, with investors gradually shrugging off his strong tariff rhetoric as a calculated bargaining ploy."
In equity news, shares in precision instruments supplier Spectris surged as the company said it expects to beat market expectations with its 2024 results.
Sportswear brand Puma plunged after announcing a cost-cutting programme as net profit missed expectations.
Elsewhere, car dealership Inchcape fell 10% after a downgrade to 'neutral' from 'overweight' at JPMorgan.
EQT jumped after the Swedish private equity firm reported an increase in fund investments, assets under management and exit activity during the second half of 2024.
Reporting by Frank Prenesti for Sharecast.com
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