EUROPE MARKETS: European Stocks End Sharply Lower As Data Add To Worries About Global Growth
10 Dezember 2018 - 08:21PM
Dow Jones News
By Emily Horton
FTSE pressured as U.K. delays Brexit vote
European stocks ended sharply lower on Monday, as investors
failed to shake continued weakness in U.S. equities and as signs of
slowing growth in France added to worries. Among individual stocks,
BASF AG tumbled on a profit warning.
In London, the FTSE 100 slumped after U.K. Prime Minister
Theresa May confirmed she would delay a crucial parliamentary vote
on her Brexit plan.
Read:U.K. delays Brexit vote -- what happens next?
(http://www.marketwatch.com/story/uk-is-said-to-delay-brexit-vote-what-happens-next-2018-12-10)
U.S. stocks initially extended last week's slump, falling
sharply in early Wall Street trade before slashing declines
(http://www.marketwatch.com/story/wall-street-in-for-a-struggle-to-shake-off-last-weeks-losses-as-stock-futures-fall-2018-12-10)
after European markets closed.
What did markets do?
The Stoxx Europe 600 dropped 1.9% to end at 338.99, after
closing down 3.4% last week, the biggest percentage decline since
the week ending Oct. 12, 2018.
Germany's DAX 30 dropped 1.5% to 10,622.07, while France's CAC
40 lost 1.5% to 4,742.38.
The U.K.'s FTSE 100 dropped 0.8% to end at 6,721.54. Italy's
FTSE MIB Italy index dropped 1.8%.
What is driving the market?
Earlier Monday, the European Court of Justice ruled on Monday
that the U.K. could officially cancel Brexit without the permission
of the other 27 EU member states.
On the economic front, Germany's Federal Statistical Office
released showing that the county's trade surplus with the rest of
the world narrowed
(http://www.marketwatch.com/story/germanys-trade-surplus-narrows-in-october-2018-12-10).
Blaming protests across the country that have cut into industrial
production for a number of sectors, the Bank of France said the
French economy will grow slower
(http://www.marketwatch.com/story/french-protests-blamed-for-cut-in-growth-forecast-2018-12-10)
than originally projected.
Global growth concerns and worries that the U.S. and China will
struggle to meet common ground on trade were also hanging over
stocks, with U.S. stock futures lower, while weaker oil prices also
weighed on heavyweight energy companies.
What stocks are active?
Heavyweight banking stocks were in the red, with Banco Santander
SA (SAN) (SAN.MC) falling 2.7% and UBS Group AG (UBS) sliding
3.1%.
Major oil companies fell as crude prices came under pressure,
with Royal Dutch Shell PLC (RDSA.LN)(RDSA.LN) down more than 1% and
Total SA (TOT) (TOT) off 1.7%.
Shares of BASF SE (BAS.XE) slid by nearly 4%, after the German
chemical group issued a profit warning
(http://www.marketwatch.com/story/basf-shares-drop-after-profit-warning-2018-12-10-44851426)
on Monday.
Pharmaceutical stocks gained ground, with AstraZeneca PLC
(AZN.LN) up 1.3% and GlaxoSmithKline PLC (GSK.LN) rallying 2.2%.
German health care company Fresenius SE & Co. KGaA (FRE.XE)
rose 2.3%.
(END) Dow Jones Newswires
December 10, 2018 14:06 ET (19:06 GMT)
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