European Stocks Slump Ahead of G20 Meeting in Germany
By Investors Hub
European stocks have retreated on Thursday as rising geopolitical tensions, oil volatility and mixed signals from the Federal Reserve have sapped investors’ appetite for risk.
While the French CAC 40 Index has slumped by 1 percent, the German DAX Index is down by 0.8 percent and the U.K.’s FTSE 100 Index is down by 0.6 percent.
Sodexo shares have slumped after the French facilities management company delivered a weaker-than-expected third-quarter performance.
Commerzbank has also moved lower on a Bloomberg report that Cerberus Capital Management is weighing a plan to purchase a stake in the German lender.
Reckitt Benckiser has dropped in London as the household goods giant warned of falling revenues following last month’s global cyber attack.
On the other hand, shares of Associated British Foods have rallied. The conglomerate upgraded its full-year outlook after reporting double-digit growth at its Primark clothing chain during the 40 weeks ended 24 June 2017.
Swiss information technology services firm Kudelski has also moved higher after its unit Conax signed a reseller agreement with ZTE Corp.
On a light day on the economic front, German factory orders and construction PMI data offered a mixed picture of Europe’s largest economy.