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Alliance News

European Stocks Fall Amid Worries About US Shutdown, Brexit And Trade

Fri, 11th Jan 2019 17:19

BRUSSELS/FRANKFURT/PARIS (Alliance News) - Following the mixed performance seen in the previous session, European stocks moved mostly lower during the trading day on Friday.

The weakness on the day reflected concerns about the US government shutdown, a Brexit impasse and the lack of any clear resolution to the U.S-China trade talks.

While the French CAC 40 index fell by 0.5%, the UK's FTSE 100 index and the German DAX index dropped by 0.4% and 0.3%, respectively.

However, the pan-European Stoxx Europe 600 Index bucked the downtrend and inched up by 0.1%.

Data from the Office for National Statistics showed the UK economy grew 0.2% in November versus expectations for 0.1% growth.

However, growth slowed to 0.3% in the three months through November from 0.4% in the period through October, as manufacturing slumped.

Flybe Group plummeted 77.1% in London following a Sky News report that Stobart Group has teamed up with Virgin Atlantic and a New York-based hedge fund to buy the cash-strapped regional airline.

Renault also dropped 2.2% in Paris after reports that Tokyo prosecutors have indicted former Nissan Motor Chairman Carlos Ghosn on two new charges involving financial crimes.

Deutsche Bank also edged lower in Frankfurt on a Bloomberg report that the lender is offshoring about 60 accounting positions to Mumbai from its campus in Jacksonville, Florida.

On the other hand, shares of Richemont jumped 2.8%. The Swiss luxury goods group reported that its third quarter total sales climbed 25% from last year, despite headwinds in some of its markets.

Homebuilder Taylor Wimpey also surged up 4.8% after releasing an upbeat trading statement, while wind turbines maker Nordex Group jumped after it signed a major contract for a 150 megawatts project in the US.

Construction firm Lafargeholcim also advanced 1.8% after Bank of America upgraded its rating on the company's stock to Buy from Underperform.

Copyright RTT News/dpa-AFX

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