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European Stocks Stumble as Investors Stay Watchful

By Investors Hub

European stocks have fallen on Monday as an unexpected decrease in Chinese exports and concerns surrounding the ongoing U.S. government shutdown kept investors on the sidelines.

Chinese exports and imports declined at the worst rates in two years in December, raising fresh concerns about global growth. Brexit concerns also lingered ahead of Tuesday’s key Commons vote.

While the U.K.?s FTSE 100 Index has slumped by 1 percent, the French CAC 40 Index and the German DAX Index are down by 0.7 percent and 0.6 percent, respectively.

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Denmark’s Pandora has moved sharply lower on the day after Morgan Stanley slashed its price target for the jewelry retailer.

Italian oil and gas company Eni has also dropped. The company and Oman Oil Company Exploration and Production have entered into an Exploration and Production Sharing Agreement for Block 47 with the government of the Sultanate of Oman.

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Ophir Energy has also fallen after it rejected a potential buyout offer from Indonesian oil and gas group Medco Energi Internasional.

Acacia Mining has also moved to the downside after reporting a 12 percent decline in fourth quarter gold production.

On the other hand, JD Sports has moved sharply higher. In its update following the Christmas period, the retailer of sport, fashion and outdoor brands said it is confident that its headline profit before tax for the full year ended February 2, 2019 will be at the upper end of published market expectations.

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Dialog Semiconductor has also rallied in Frankfurt. The company reported fourth quarter revenue of $431 million, within the October guidance range.

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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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