World Economy

Europe Shares Turn Lower, Investors Digest Earnings

Europe Shares Turn Lower, Investors Digest EarningsEurope Shares Turn Lower, Investors Digest Earnings

European shares turned lower in morning trade on Wednesday, as investors digested a slew of earnings from European companies.

The pan-European Euro Stoxx 600 Index was higher after markets opened Wednesday but had fallen into negative territory by mid-morning, with most sectors in the red, CNBC reported.

Outperformers included Volvo. The Swedish carmaker rose up to 13 percent after posting a forecast-beating quarterly profit and naming a new CEO.

Meanwhile, Tesco shares climbed 3.6 percent in early deals but had retreated by mid-morning to trade up 0.3 percent as investors digested the news that the UK supermarket chain posted a full-year pre-tax loss of £6.38 billion ($9.5 billion) on Wednesday.

Shares of Heineken rose over 1 percent after the brewer reported a sharp rise in net profit in the first quarter of 579 million euros ($623.6m), up from 143 million euros in the same period a year earlier.

Elsewhere, Greece remains in focus on Wednesday. Greek Finance Minister Yanis Varoufakis said on Tuesday that he was confident Greece would reach a deal with its international lenders although this may not happen in the upcoming meeting of eurozone finance ministers on April 24, he told reporters in Athens, Reuters said Tuesday.