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Europe midday: Stoxx snaps winning streak; Burberry surges
(Sharecast News) - European shares snapped a four-day winning streak despite a strong US session overnight as investors eyed the trade deals struck between the US and Saudi Arabia. The pan-regional Stoxx 600 index was down 0.16% at 544. Other major bourses were mixed, with Britain's FTSE 250 flat and Germany's DAX down 0.41%.
"Wall Street has rediscovered its mojo, with fears about recession and higher inflation receding," said Hargreaves Lansdown analyst Susannah Streeter.
"While the US China trade agreement continues to buoy sentiment, there was cause for fresh celebration with a string of deals struck with Saudi Arabia. While the mega arms sale clinched with Riyadh has taken centre stage, the commitment to buy AI focused products from Nvidia were like catnip for investors."
In economic news, official data showed German inflation fell to 2.2% in April, confirming preliminary figures.
On the equities front shares in luxury brand Burberry jumped as the company announced plans to slash up to 1,700 jobs and reported that a fall in fourth-quarter sales was better than expected.
Travel giant Tui slumped after reporting a 1% drop in summer bookings, while French train maker Alstom also tanked after an earnings report.
Reporting by Frank Prenesti for Sharecast.com
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