European shares edge down as euro continues to weigh, earnings in focus

LONDON, July 21 (Reuters) – European shares edged down on
Friday as a fresh flow of corporate earnings failed to change
the mood of the previous session, dragged down by the European
Central Bank’s policy meeting, which pushed the euro close to a
two-year high.

The pan-European STOXX 600 stood 0.1 percent lower,
extending losses from the previous session as the euro weighed
on exporters.

All major European bourses declined slightly but a number of
blue chips swung into the black thanks to positive updates.

Vodafone, the world’s second largest mobile
operator, reported better-than-expected revenue growth in its
first quarter, and was up 2.3 percent.

But Philips Lighting, the world’s largest maker
of lights, fell 7.6 percent after publishing its second-quarter
results.

French car parts maker Valeo was down 3.9 percent
following its first-half report.

Deal-making also triggered some large gains, with payments
firm Paysafe surging 8.6 percent after receiving a bid
from Blackstone and CVC Capital Partners.

The travel and leisure sector was up 0.2 percent
after heavy losses in the previous sessions, due notably to
falls in Germany’s Lufthansa and the British budget
airline easyJet.
(Writing by Julien Ponthus; Editing by Kevin Liffey)

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