European Stocks Close Mixed on Cautious Trading

September 9, 2019
European Stocks Close Mixed on Cautious Trading

By Investors Hub

European stocks are mixed in cautious trading on Monday after data showed that Chinese exports unexpectedly fell in August amid the ongoing trade dispute with the U.S.

Hopes of further stimulus from global central banks have helped to limit the downside to some extent ahead of a European Central Bank meeting slated for Thursday.

While the German DAX Index has risen by 0.4 percent, the French CAC 40 Index is down by 0.1 percent and the U.K.?s FTSE 100 Index is down by 0.7 percent.

German exports increased in July, while imports decreased from the previous month, data from Destatis showed. Exports advanced 0.7 percent month-on-month in July, reversing a 0.1 percent dip in June.

Meanwhile, imports tumbled 1.5 percent after rising 0.7 percent a month ago. Exports were forecast to fall 0.5 percent and imports were expected to drop 0.3 percent.

Elsewhere, the Bank of France retained its growth forecast for the third quarter amid an improvement in confidence in the manufacturing sector.

Telefonica Deutschland Holding has advanced after it signed the German mobile network pact for LTE expansion in return for improved payment terms for 5G spectrum.

Sika has also moved higher on news it is expanding the company’s Target Markets Industry and Sealing & Bonding presence in China and the Asia Pacific region with the acquisition of Crevo-Hengxin.

Novartis has edged up as it reported positive results from a 4.5-year, interim analysis of a 5-year, open-label treatment period to evaluate Aimovig in patients with episodic migraine.

Shopping centre-owner Intu Properties has jumped on reports of bid interest from private equity firm Orion Capital.

On the other hand, Air France-KLM Group has slumped after posting disappointing passenger traffic figures for August.

Shares of Associated British Foods have also fallen after a disappointing pre-close trading update for the 12 months to mid-September.

Lloyds Banking Group has also dropped after saying it would incur a further charge of up to £1.8 billion to cover claims relating to mis-sold payment protection insurance.

Modupe Gbadeyanka

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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