European Stocks Turn in Lacklustre Performance Friday
By investors Hub
European stocks are turning in a lackluster performance on Friday as weak GDP data from China has rekindled growth worries and doubts swirl both about the merits of Boris Johnson’s Brexit deal and about the likelihood of the deal getting through parliament. A slew of disappointing earnings has also kept investors nervous.
While the French CAC 40 Index has fallen by 0.4 percent, the U.K.?s FTSE 100 Index and the German DAX Index are nearly unchanged.
Renault shares have slumped after the automaker cut its operating margin and revenue outlook for fiscal year 2019, citing a less favorable economic environment and a regulatory context that requires ever-increasing costs.
Food company Danone has also come under pressure after the company lowered its sales outlook, while defense electronics firm Thales has tumbled after cutting its revenue growth forecast for 2019.
On the other hand, reinsurer Munich Re has risen after saying it expects to beat its target for the consolidated result of 2.5 billion euros for 2019..
Swiss drug major Roche Group has also moved higher after the U.S. Food and Drug Administration approved a supplemental New Drug Application for Xofluza (baloxavir marboxil).
In economic news, the euro area current account surplus increased in August amid higher primary income and trade in services, the European Central Bank reported today.