European Shares Subdued In Lackluster Trade

european market 021219 11nov19

European stocks were subdued on Monday, with worsening political unrest in Hong Kong, another inconclusive general election in Spain, concerns over U.S.-China trade deal and Moody's warning on Britain's sovereign debt keeping investors nervous.

The pan European Stoxx 600 was down 0.25 percent at 404.50 after declining 0.3 percent on Friday.

The German DAX was losing 0.3 percent, France's CAC 40 index was marginally lower and the U.K.'s FTSE 100 was declining half a percent.

Trade-sensitive automakers were subdued after data showed auto sales in China fell for a 16th consecutive month in October.

French insurer AXA was moving down after the company said it sold 144 million shares of common stock of Equitable Holdings to Goldman Sachs at a net price of US$21.80 per share.

Swiss steelmaker Schmolz & Bickenbach edged up slightly on fund raising reports.

Novartis advanced 1.3 percent. Sandoz Inc., the generics division of the Swiss drug maker announced that it has entered into a binding agreement for the planned acquisition of the Japanese business of Aspen Global Inc. for an initial cash consideration of 300 million euros.

Swedol AB shares surged 38 percent after Momentum Group announced a recommended public offer to acquire the tools and work wear supplier for 46.50 crowns ($4.79) per share.

German payment group Wirecard advanced 2.3 percent after it announced a strategic partnership with Here Moblity.

Greggs, the largest bakery chain in the U.K., soared 16.5 percent after upgrading its profit guidance for 2019.

AstraZeneca gained around 1 percent as equities researchers at Jefferies Financial reaffirmed their "hold" rating on the stock.

Funeral provider Dignity lost 2.4 percent after the company reported a 30 percent fall in underlying operating profit for the year to date.

In economic releases, the U.K. economy recovered in the third quarter driven by services and construction, data from the Office for National Statistics showed.

Gross domestic product grew 0.3 percent sequentially in the third quarter after contracting 0.2 percent in the second quarter. Nonetheless, this was weaker than the expected growth of 0.4 percent.

On a yearly basis, GDP advanced 1 percent, which was the lowest since the first quarter of 2010.

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