European Stocks Extend Fall to Third Day

By Investors Hub

European stocks have fallen for a third day on Friday and look headed for their worst week since early November last year, as US President Donald Trump’s rhetoric on North Korea over the past few days made investors risk averse.

While the German DAX Index has edged down by 0.1 percent, the French CAC 40 Index and the U.K.’s FTSE 100 Index are both down by 1 percent.

Commodity-related stocks are among the worst performers against the backdrop of heightened political uncertainty after Trump further ratcheted up the rhetoric.

Innogy shares have moved to the downside after German utility maintained the outlook on the current year’s business performance after reporting a drop in first-half net income to 817 million euros from 1.08 billion euros last year.

Danish biotech company Novozymes has tumbled after cutting its growth outlook. Old Mutual has also fallen on news the British financial services firm, which is in the middle of breaking up into four parts, plans to list two divisions in 2018.

In economic news, German consumer inflation grew an annual 1.7 percent in July, slightly faster than the 1.6 percent increase registered in June, final data from Destatis showed. Wholesale price inflation eased to an eight-month low of 2.2 percent in July from 2.5 percent in June.

French consumer prices climbed 0.7 percent year-on-year in July, the same rate as seen in June and in line with the preliminary estimate.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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