European stocks slip as healthcare, real estate sectors weigh

MG News | October 21, 2020 at 12:26 PM GMT+05:00

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October 21, 2020: European shares slipped on Wednesday as losses in defensive sectors outweighed optimism over encouraging quarterly results from consumer giant Nestle and telecoms equipment maker Ericsson.

The pan-European STOXX 600 slipped 0.3% by 0711 GMT, with the healthcare and real estate sectors falling more than 0.5%.

However, economically sensitive cyclical sectors such as banks and automakers rose as U.S. lawmakers moved closer to deal on a new coronavirus relief package.

Nestle gained 0.6% as it raised its guidance for 2020 organic sales growth, while strong demand for pet food and health products helped quarterly results.

Shares in Sweden's Ericsson jumped 7.2% as higher margins and China's 5G rollout helped the company beat quarterly core earnings estimates.

Reuters

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