Modupe Gbadeyanka
Investors Hub
European stocks have moved modestly higher on Monday as investors nervously awaited U.S.-China talks this week for signs of whether there will be breakthrough on trade. The UK’s FTSE 100 Index, the French CAC 40 Index and the German DAX Index have all risen by 0.2 percent.
The high-level trade negotiations are slated to take place in Washington on October 10-11, with a Bloomberg report saying that Chinese officials are reluctant to agree to a broad trade deal pursued by U.S. President Donald Trump.
Investors are also keeping an eye on Brexit negotiations after French President Macron said the U.K. has until the end of the week for final negotiations to demonstrate it has a workable Brexit plan.
In economic news, official data showed that German industrial orders fell more than expected in August on weaker domestic demand, underscoring concerns of a looming recession in the country.
Factory orders decreased 0.6 percent sequentially, with demand for capital goods down 1.6 percent, the Economy Ministry said.
Meanwhile, Sentix’ eurozone investor confidence index dropped to -16.8 in October from -11.1 in September. That missed expectation of -13.0.
Bayer has advanced after the German chemical and pharma major said a pending U.S. lawsuit over claims related to glyphosate-based herbicide Roundup has been delayed until further notice.
Vodafone Group shares have also risen. The telecommunications conglomerate has announced the launch of ‘Open Radio Access Networks’, which has been in development for several years.
On the other hand, Osram Licht shares have slumped after Austrian chipmaker AMS said that its takeover bid for the German lighting group had failed.
SIG shares have also plunged after the building materials firm forecast significantly lower full-year profits for its specialist distribution and roofing merchanting businesses.
