European shares calm as investors seek any signs of trade deal progress

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(Reuters) – European shares were little changed on Tuesday after a strong start to the week, as investors sought concrete signs of any progress in trade talks between the United States and China.

The pan-European STOXX 600 index () was flat at 0803 GMT, after gaining more than 1% on Monday following a report that the two sides were close to a trade agreement.

China’s Commerce Ministry said on Tuesday that top trade negotiators from both countries had reached a consensus on “resolving relevant problems” on a phone call, but gave no indication on the timing of a deal.

Shares of Compass Group Plc (L:) fell 6% after it said deteriorating business and consumer confidence in Europe had hurt volumes and margins at its unit that provides catering services to companies.

The stock pushed the wider travel & leisure sector () down 2%.

French car parts maker Faurecia (PA:) jumped 4%. The company said it was targeting record sales, profits and cash generation in 2022, partly due to the boost from its acquisition of Japanese company Clarion.

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