European Shares Drift Lower In Cautious Trade

european market 021219 30jan23 lt

European stocks declined on Monday as caution set in ahead of a busy week of U.S. tech earnings and a slew of central bank meetings.

Official data showed earlier today that the German economy unexpectedly fell in the fourth quarter, creating uncertainty going into 2023.

GDP decreased 0.2 percent quarter on quarter in adjusted terms, the federal statistics office said.

The European Commission is set to issue euro area economic sentiment survey results later in the day. The economic confidence index is seen at 97.0, up from 95.8 in December.

The pan European STOXX 600 dropped half a percent to 453.10 after gaining 0.3 percent on Friday.

The German DAX and France's CAC 40 index both eased around 0.4 percent, while the U.K.'s FTSE 100 was down 0.2 percent.

Philips surged 5.8 percent. The Dutch health technology company said it would scrap another 6000 jobs worldwide after fresh losses caused by a massive recall of faulty sleep respirators.

Amsterdam-listed Prosus NV slumped 5.5 percent after announcing job cuts.

Renault Group shares declined nearly 3 percent. The automaker has agreed with Japanese automotive firm Nissan Motor for a new collaboration to boost their ties.

British IT services company Computacenter jumped 9 percent after an announcement that it sees 2022 results slightly ahead of guidance.

888 Holdings plunged 21 percent. The betting and gaming company announced the departure of Itai Pazner, its chief executive officer (CEO) and executive director.

The company also said it has suspended VIP activities in some of its .com markets pending the outcome of an internal compliance investigation.

Consumer goods giant Unilever rose about 1 percent after naming a new CEO.

Legal & General Group tumbled 2.2 percent. Its chief executive Nigel Wilson is set to retire after more than a decade in the top job.

Total Energies SE dropped 1.2 percent. The energy firm and its Italian partner Eni S.p.A. have completed the transfer of a 30 percent interest in exploration Blocks 4 and 9 off the coast of Lebanon to QatarEnergy.

DEUTZ AG soared more than 5 percent. The German internal combustion engine maker announced that it has inked two multi-million euros agreements with the commercial vehicle maker Daimler Truck Holdings AG to develop and market medium- and heavy-duty engines.

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