European Shares Fall as Investors Monitor Italy’s Budget Plans

By Investors Hub

European stocks have turned lower on Tuesday as investors watched yuan movements and developments over Italy’s budget plans for directional cues.

The euro languished near a seven-week low after Italian Economy Minister Giovanni Tria said he wanted to have constructive talks with EU partners over the 2019 budget.

After unveiling the DEF economic blueprint in parliament, Tria said there was “a lag in economic growth and employment, a lag that is no longer acceptable, 10 years since (the start of) the economic crisis.?

Investors also watched Brexit developments, with the Confederation of Business Industry demanding that Philip Hammond use the budget on October 29th to bolster investment by 3.5 billion pounds to tackle Brexit uncertainty.

While the German DAX Index has fallen by 0.6 percent, the U.K.?s FTSE 100 Index is down by 0.5 percent and the French CAC 40 Index is down by 0.5 percent.

Banks gave up early gains after reports that the Italian government was planning investor roadshows to support the bond market.

Givaudan shares have also fallen. After reporting a rise in third quarter group sales, the Swiss manufacturer of fragrance and flavor products said it aims to outpace the market with 4-5 percent sales growth.

British advertising group WPP has dropped on news that Ford (F) has appointed another agency as its lead creative agency.

Meanwhile, insurer Aviva has moved higher as Mark Wilson quit as chief executive of the company. Wood Group has also jumped after securing a string of new midstream sector contracts across the U.S.

Greggs has soared after the bakery chain said that its total sales grew by 7.3 percent in the 13 weeks to September 29th.

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

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