European Stocks Tumble Wednesday

July 11, 2018
European Stocks Tumble Wednesday

By Investors Hub

European stocks have tumbled on Wednesday as investors fret about an escalating trade war between the world’s two largest economies.

The U.K.?s FTSE 100 Index, the German DAX Index and the French CAC 40 Index are all down by 1 percent.

Indivior shares have fallen sharply in London. The company expects its fiscal 2018 net revenue and adjusted net income to be below previous expectations, because of recent U.S. market developments for SUBOXONE and early uptake levels of SUBLOCADE.

Glencore has also moved notably lower on news the commodity trader has set up a board committee to oversee its response to a U.S. probe into possible corruption and money laundering.

Luxury goods group Burberry has also moved to the downside after releasing trading update for its first quarter.

Ericsson has also dropped after the telecommunications firm signed an agreement to divest Ericsson Local Services AB in Sweden to Swedish communication infrastructure company Transtema Group AB.

On the other hand, German IT company Bechtle has rallied after announcing its intention to acquire French IT provider Inmac Wstore S.A.S.

British homebuilder Barratt Developments has also advanced. The company expects its fiscal 2018 profit before tax to be around 835 million pounds, higher than last year’s 765.1 million pounds, driven by a strong end to the financial year and early progress on margin initiatives.

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]

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