European Stocks Close Mixed Amidst Brexit Confusion

By Investors Hub

European stocks are turning in a mixed performance on Wednesday as the political deadlock over Brexit drags on and tech stocks fall after a revenue warning from Texas Instruments.

A general election could be in the cards after U.K. lawmakers supported the prime minister’s deal to withdraw the U.K. from the EU but then rejected a limited time frame for reviewing the legislation.

Prime Minister Boris Johnson has vowed to push for an election if EU leaders sanction a Brexit extension of up to three months.

While the French CAC 40 Index is down by 0.5 percent, the German DAX Index is just above the unchanged line and the U.K.?s FTSE 100 Index is up by 0.3 percent.

Infineon Technologies and STMicroelectronics have come under pressure after U.S.-based Texas Instruments warned about a slowdown in the global tech industry.

Texas Instruments gave a weaker than expected forecast for the current quarter, saying customers are getting wary of ongoing trade uncertainties with China.

Heineken has also slumped after the world’s second-largest brewer forecast its operating profit this year would be at the lower end of its previous guidance

On the other hand, French grocery retailer Carrefour Group has advanced. After reporting slower sales growth in the third quarter, the company said that its overhaul plan aimed at boosting earnings was on track.

Peugeot shares have also jumped. Groupe PSA, the owner of Peugeot and Opel brands, reported that its third-quarter revenue increased 1 percent despite headwinds, including unfavorable currency swings.

Gold miner Centamin has also shown a strong move to the upside after saying it is still targeting the bottom end of 2019 guidance.

Swiss engineering firm ABB has soared despite the company posting lower third-quarter profit and revenue, hit by weaker market conditions in its robotics and automation business.

In economic news, French manufacturing confidence weakened to the lowest level in more than four years in October, survey results from the statistical office Insee showed.

The manufacturing sentiment index fell to 99 in October from 102 in September. This was the lowest reading since March 2015.

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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