European Stock Markets Struggle as May Visits Africa

By Investors Hub

European stocks are struggling for direction on Wednesday as investors keep an eye on the euro and wait to see progress in trade talks between the U.S. and Canada.

Market participants are also watching the latest developments in Italy after the country?s Finance Minister Giovanni Tria said Italy isn?t planning to breach the European Union’s budget deficit limit.

Meanwhile, a report from Bloomberg citing senior officials on both sides said the U.K. and the European Union now aim to finalize divorce terms by mid-November, later than the October deadline regularly mentioned in public.

While the U.K.?s FTSE 100 Index has fallen by 0.3 percent, the German DAX Index and the French CAC 40 Index are both up by 0.2 percent.

German automaker Volkswagen has dropped after buying a minority stake in technology company FDTech GmbH for an undisclosed amount.

Novartis has also moved lower after its eye care unit Alcon announced an immediate, voluntary market withdrawal of the CyPass Micro-Stent from the global market.

On the other hand, Bertrandt Group shares have rallied in Frankfurt. The company reported that its post-tax earnings for the nine-month period rose to 32.09 million euros from 27.82 million euros in the prior year.

German digital media group RTL has also soared after its second quarter revenues and core earnings topped forecasts.

James Fisher & Sons, a provider of marine engineering services, has jumped in London after reporting an increase in first-half profits.

Software product group Micro Focus International has also climbed after it announced the commencement of a share buy-back program with an initial tranche of up to $200 million.

Business Post reports that British Prime Minister, Mrs Theresa May, is visiting Africa for possible trade talks as the region exits the European Union soon.

She was in South Africa on Tuesday and arrived Nigeria today. She is also expected to visit Kenya before leaving for the United Kingdom.