European Equities Fall as Investors Await Italy Revised Budget

December 4, 2018
European Equities Fall as Investors Await Italy Revised Budget

By Investors Hub

European stocks have fallen on Tuesday, as confused signals over U.S.-China trade talks as well as a broadly weaker dollar have prompted traders to take some profits after the previous session’s rally.

Italy has continued to be in focus after the country’s Prime Minister Giuseppe Conte said the revised budget would be ready in the coming hours.

The British pound has jumped after a senior EU law officer said the U.K. could halt Brexit by unilaterally revoking Article 50.

While the French CAC 40 Index has fallen by 0.4 percent, the U.K.?s FTSE 100 Index and the German DAX Index are both down by 0.5 percent.

Falling U.S. yields on expectations of slower pace of rate hikes by the Federal Reserve have pulled down financials, with banks Commerzbank, Deutsche Bank, BNP Paribas, Credit Agricole and Societe Generale all moving notably lower.

JCDecaux has also slumped in Paris after a brokerage downgrade. Ferguson, a specialist distributor of plumbing and heating products, has also tumbled despite the company posting solid first quarter results.

IG Group Holdings has also moved to the downside after the online trading company said it expects revenue in the first half to be around 6 percent lower than last year.

Meanwhile, Danske Bank A/S has advanced after the Danish bank said it has built a capital buffer of as much as $2.7 billion (2.4 billion euros) to absorb potential fines in a money laundering case.

Low-cost airline Ryanair Holdings has also risen in London after reporting positive traffic figures for November.

Dipo Olowookere

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 [email protected]

Leave a Reply

US Stocks report
Previous Story

US Stocks Open Lower on Trade Deal Skepticism

Asian Shares Close Lower on Tuesday
Next Story

Asian Shares Close Lower on Tuesday

Latest from Economy

Don't Miss