European Stocks After Queen’s Speech at Parliament
By Investors Hub
European stocks have fallen on Monday as renewed uncertainty around the timing and nature of Brexit as well as weak data from China have prompted traders to book some profits after a three-day rally.
Britain and the European Union said over the weekend that a lot more work would be needed to secure a Brexit agreement.
Chinese import and export figures for September both came in worse than expected, adding to concerns about slowing economic growth.
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 down by 0.6 percent and 0.7 percent, respectively.
This occurred as Queen Elizabeth II delivered her speech on Monday to declare open a new session of the United Kingdom parliament.
Swiss pharmaceutical companies Roche Holding and Novartis have moved notably lower following a report the United States is considering tariffs on Swiss pharmaceutical products.
Banks Commerzbank, Credit Agricole and BNP Paribas have also fallen as euro zone bond yields pull back from last week’s 2 1/2- month highs. Tariff-sensitive automakers are also declining.
On the other hand, Sophos Group has jumped after Private equity firm Thoma Bravo announced it would take the British cybersecurity company private in a deal valuing the company at about $3.8 billion.
In economic news, Eurozone industrial production expanded in August after easing for two straight months, data from Eurostat showed.
Industrial output grew 0.4 percent month-on-month, offsetting a 0.4 percent drop in July. This was the first rise in three months. Production was forecast to climb 0.3 percent.
Additional information (paragraph 5) and headline provided by Business Post