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European Stocks Down as Trade Worries Persist

By Investors Hub

European stocks have turned lower on Thursday as trade worries persist and investors wait to see if OPEC and its allies will reach consensus on a deal to increase oil supply.

The Bank of England voted 6 to 3 to keep its key interest rate unchanged, while members unanimously voted to maintain quantitative easing at 435 billion pounds.

While the German DAX Index has slid by 0.9 percent, the U.K.?s FTSE 100 Index and the French CAC 40 Index are both down by 0.6 percent.

British property developer Berkeley Group Holdings has moved to the downside, a day after it warned of a 30 percent drop in pre-tax profit this year.

German automaker Daimler has also slumped after it issued a profit warning, citing higher import tariffs amid an escalating trade dispute between the U.S. and China.

Meanwhile, Shire Plc shares have rallied. The drug maker received approval from the FDA to expand the offering of Cinryze to children aged six years and older with hereditary angioedema.

French advertising company JCDecaux has also moved higher after it made a conditional $803 million takeover offer for Australia’s APN Outdoor Group.

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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