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European Shares Retreat As Investors Await Powell Testimony

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European stocks fell on Tuesday after losses in Apple shares pressured the broader tech sector on Wall Street overnight and chemicals major BASF warned profits would nearly halve in the second quarter.

Meanwhile, caution prevailed ahead of Fed Chairman Jay Powell's two-day testimony to Congress on Wednesday and Thursday, with markets waiting to see whether the language will be dovish enough after the release of a stronger-than-expected jobs report.

The pan European Stoxx 600 was down 0.9 percent at 386.58 after ending largely unchanged with a negative bias the previous day.

The German DAX was losing 1.3 percent, France's CAC 40 index was declining 0.6 percent and the U.K.'s FTSE 100 was moving down 0.2 percent.

Apple suppliers Infineon and STMicroelectronics fell more than 1 percent after
Rosenblatt Securities downgraded Apple Inc's shares to 'sell' from 'neutral'.

Swiss engineering firm ABB lost 2.2 percent after it announced an agreement to sell its solar inverter business to Italian company Fimer SpA.

Nordic lender Danske Bank tumbled 3.4 percent after cutting its 2019 earnings forecast for the second time, citing weak trading and higher costs.

French telecom operator Orange recouped early losses to turn flat after a French court cleared its CEO Stephane Richard of wrongdoing in a fraud trial.

Remy Cointreau Group shares fell nearly 3 percent. The company said that its
Chief Executive Officer Valerie Chapoulaud-Floquet will resign by the year-end due to personal reasons.

Volkswagen shed 1.2 percent. The Securities and Exchange Commission in a court filing on Monday explained the delay in taking action against the company for almost two years even after the German automaker pleaded guilty in the diesel emissions scandal.

Lender Deutsche Bank slumped 4.7 percent after laying off staff from Sydney to New York.

British Airways owner IAG dropped 1.3 percent after the airline was slapped with a record fine of more than £183 million over a data-theft incidence.

Online delivery firm Ocado soared 6.5 percent as it maintained an optimistic outlook in spite of the Andover-related disruption in February.

Tobacco giant Imperial Brands declined 1.3 percent, a day after announcing a shake-up to its dividend policy.

Software product group Micro Focus fell more than 1 percent despite narrowing its half-year pre-tax loss.

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