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European Equities Slump Despite US Senate Passage of Tax Reform Bill

By Investors Hub

European stocks are turning in a lackluster performance despite the U.S. Senate approving the much-awaited $1.5 trillion tax reform bill.

The French CAC 40 Index is down by 0.3 percent and the German DAX Index is down by 0.4 percent, although the U.K.?s FTSE 100 Index is marginally higher.

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German energy firm Innogy has advanced amid news its CEO is leaving with immediate effect. Pharmaceutical company Stada has also jumped after concluding a domination and profit and loss transfer agreement with Nidda Healthcare GmbH.

BHP Billiton has also moved higher after the mining giant said it has reached a decision to exit from the World Coal Association due to differences between its positions on climate and energy policy.

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Meanwhile, furniture retailer Steinhoff, which is facing a credit squeeze following allegations of accounting irregularities, plummeted as much as 33 percent.

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Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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