European stocks turn to losses on weak earnings

Tuesday, 04. August 2020 13:47

European shares retreated later in the session on Tuesday following a higher open as investors digested company earnings.

Oil giant BP announced its decision to slash its dividend due to the impact of the coronavirus pandemic, meaning half of the FTSE 100 companies have either stopped or cut payout during the pandemic. Meanwhile, beverage company Diageo has taken a £1.3 billion writedown amid the global health crisis.

The DAX lost 0.53% at 1:46 pm CET, while the CAC 40 fell 0.12%. At the same time, the FTSE 100 fell below the flatline in London.

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