Economy 2 MIN READ

Exchange operators, US debt ceiling jitters weigh on European shares

May 17, 2023By Reuters

European shares slipped on Wednesday as investors remained concerned about whether the outcome of the US debt ceiling negotiations would result in averting a default, while a slew of downbeat earnings, led by exchange operators, weighed on the mood.

The continent-wide STOXX 600 was down 0.3% as of 0716 GMT, with financial services companies and real estate firms  leading declines.

Euronext  dropped 4.2% after the exchange operator reported a fall in first-quarter revenue and income, while the London Stock Exchange Group dipped 4.2% after an investor consortium, including US buyout firm Blackstone and Thomson Reuters, sold shares worth about 2.7 billion pounds (USD 3.41 billion).

German lender Commerzbank AG slipped 3.7% even as its net profit nearly doubled in the first quarter.

UBS Group AG was flat after the Swiss bank said it expects a financial hit of about USD 17 billion from the takeover of Credit Suisse Group AG.

Among the bright spots, SAP added 1.6% after the German business software maker raised its 2025 total revenue outlook for continuing operations and announced a share buyback of up to 5 billion euros.

Siemens AG climbed 2.7% after the German engineering and technology group raised its full-year sales and profit guidance.

(Reporting by Sruthi Shankar in Bengaluru; Editing by Sonia Cheema)

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