Europe open: Shares up amid earnings; Auto stocks in focus
By Frank Prenesti
Date: Tuesday 29 Apr 2025
(Sharecast News) - European shares opened higher on Tuesday amid a quarterly earnings dump and more economic uncertainty amid US President Donald Trump's global trade war, while auto stocks were in focus after results from Volvo and Porsche.
The pan-European Stoxx 600 index was up 0.3% at 524.76 in early deals. Germany's DAX was up 0.59% and France's CAC-40 rose 0.15%.
"There's a lack of clarity over how the China-US negotiations will unfold. It appears both sides are waiting for the other to take the initiative, with US Treasury Secretary Scott Bessent saying it was up to China to de-escalate the situation," said Hargreaves Lansdown analyst Susannah Streeter.
"Amid the standoff, worries about the effect on global growth are lingering, and it's showing up in oil prices, with Brent crude falling back by around 1% as projections for energy demand are scaled back."
In economic news, German consumer sentiment improved further heading into May as the prospect of a new government appeared to calm jitters among shoppers, offsetting some of the uncertainty over tariffs for now, according to the GfK consumer sentiment index, which stayed in negative territory at -20.6 points, up from a slightly revised -24.3 in the previous month.
In equity news, Volvo shares slumped as the car maker reported a sharp fall in first-quarter profits and suspended its full-year guidance due to market headwinds.
Germany's Porsche slumped as the luxury auto maker cut sales and profit margin forecasts in an update published after the market closed on Monday, partially citing the impact of US tariffs.
Associated British Foods shares were also down sharply as the company reported a 10% fall in first-half profit, hurt by a loss in its sugar division.
Reporting by Frank Prenesti for Sharecast.com
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