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European shares flat, Daimler’s profit warning knocks auto stocks

European shares flat, Daimler’s profit warning knocks auto stocks

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, July 1, 2019. REUTERS/Staff (Reuters) – European shares were little changed in early trade on Friday, as investors parsed through China trade data that came in at market open, an indicator of global economic growth, while a profit warning

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, July 1, 2019. REUTERS/Staff

(Reuters) – European shares were little changed in early trade on Friday, as investors parsed through China trade data that came in at market open, an indicator of global economic growth, while a profit warning from Daimler knocked down auto stocks.

China’s yuan-denominated exports rose 6.1% in the first half of this year from a year earlier, while imports increased 1.4%, customs data showed, which resulted in a trade surplus of 1.23 trillion yuan (£142.7 billion) for the first six months.

The data comes after a spate of disappointing economic reports from around the globe, which showed that the global economy suffered from a protracted U.S.-China trade war that forced major central banks to take a more accommodative stance.

The pan-European stocks benchmark was flat at 0712 GMT with auto stocks .SXAP down 0.6%.

Daimler (DAIGn.DE) slipped 2.7% after the luxury carmaker warned investors it expected to swing to a second-quarter loss before interest and taxes of 1.6 billion euros.

Healthcare stocks .SXDP slipped as drugmakers resumed their slide after the White House said it was ditching a key plan to lower U.S. drug prices and raising the possibility of new measures focused on drugmakers.

Reporting by Susan Mathew in Bengaluru; Editing by Arun Koyyur



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