European Stocks Close Mixed Amid US Tax Reform Plan Uncertainty

By Investors Hub

European stocks are turning in a mixed performance amid uncertainty about the outlook for U.S. tax reform plan and as traders assess messages from the Federal Reserve and European Central Bank meetings.

While the French CAC 40 Index is down by 0.2 percent, the German DAX Index is up by 0.1 percent and the U.K.?s FTSE 100 Index is up by 0.2 percent.

In corporate news, Hennes & Mauritz AB or H&M have fallen sharply after the Swedish retailer reported weak sales in its fourth quarter. The second largest fashion retailer’s results were hurt by fewer shoppers visiting its stores.

Italian luxury goods company Ferragamo has also moved to the downside after saying it could not confirm earlier set three-year targets and that 2018 would be another year of transition.

Ryanair Holdings has also moved lower after the airline said it has invited pilot unions for talks to recognize them and that it will now change the long-standing policy of not recognizing unions in order to avoid any threat of disruption to its flights during Christmas week.

Meanwhile, cement giant LafargeHolcim has moved higher after saying its executive committee will be reduced to 9 members. The company said the 30 largest country organizations will directly report to the Executive Committee and the global business functions will be merged under one leadership.

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. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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