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European Stocks Fall Amid Brexit Impasse

By Investors Hub

European stocks have moved to the downside on Friday amid concerns about the U.S. government shutdown, a Brexit impasse and the lack of any clear resolution to the U.S-China trade talks.

While the U.K.?s FTSE 100 Index has fallen by 0.4 percent, the German DAX Index and the French CAC 40 Index are sliding by 0.7 percent and 0.8 percent, respectively.

Data from the Office for National Statistics showed the U.K. economy grew 0.2 percent in November versus expectations for 0.1 percent growth.

However, growth slowed to 0.3 percent in the three months through November from 0.4 percent in the period through October, as manufacturing slumped.

Flybe Group has fallen sharply in London following a Sky News report that Stobart Group has teamed up with Virgin Atlantic and a New York-based hedge fund to buy the cash-strapped regional airline.

Renault has also dropped in Paris after reports that Tokyo prosecutors have indicted former Nissan Motor Chairman Carlos Ghosn on two new charges involving financial crimes.

Deutsche Bank has also declined in Frankfurt on a Bloomberg report that the lender is offshoring about 60 accounting positions to Mumbai from its campus in Jacksonville, Florida.

On the other hand, shares of Richemont have jumped. The Swiss luxury goods group reported that its third-quarter total sales climbed 25 percent from last year, despite headwinds in some of its markets.

Construction firm Lafargeholcim has also moved to the upside after Bank of America upgraded its rating on the company?s stock to Buy from Underperform.

Homebuilder Taylor Wimpey has also climbed after releasing an upbeat trading statement, while wind turbines maker Nordex Group has jumped after it signed a major contract for a 150 MW project in the U.S.

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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