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European Shares Slide As Fed Cut Bets Fade

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European stocks were moving lower on Monday as investors scaled back expectations for near-term U.S. rate cut and looked for progress in the long-running U.S.-China trade dispute.

The pan European Stoxx 600 was down 0.1 percent at 389.66 after declining 0.7 percent on Friday.

The German DAX and the U.K.'s FTSE 100 were down around 0.2 percent while the France's CAC 40 index was declining 0.3 percent.

Steinhoff International Holdings N.V. jumped 2.4 percent on news Philip Dieperink will resign as CFO and from the Management Board, effective 31 August 2019.

Deutsche Bank shares fell in choppy trade as the German lender launched a major overhaul with plans to slash 18,000 jobs globally.

French food services and facilities management company Sodexo S.A. tumbled 4 percent after it warned of slower growth in the fourth quarter.

Asset manager Schroders fell 2.3 percent in London on a brokerage downgrade.

British Airways parent International Consolidated Airlines Group declined 1.4 percent on news it will be fined 183.39 million pounds by the U.K. Information Commissioner's Office for the theft of customer data from British Airways website last year.

Imperial Brands rallied 2.3 percent after the tobacco company unveiled plans to return surplus cash flows to shareholders via share buybacks, enhanced dividends or special dividends. Rival British American Tobacco advanced 1.5 percent.

Acacia Mining gained 1.8 percent after its second-quarter gold production climbed 19 percent from last year.

In economic releases, German industrial output grew 0.3 percent month-on-month in May, reversing a revised 2 percent fall in April, official data showed. The rate of growth came in line with expectations.

Another report showed that German exports advanced 1.1 percent month-on-month in May, in contrast to a 3.4 percent decrease in April. Shipments were forecast to advance 0.8 percent.

Separately, the Sentix economic index for Eurozone fell to -5.8 from -3.3 in June, marking its lowest level since November 2014. Economists had forecast an improvement to 0.2.

A monthly survey from Bank of France showed that France's economy is forecast to grow at a slightly slower pace in the second quarter.

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