Modupe Gbadeyanka
By Investors Hub
European stocks have tumbled on Monday as trade worries persist and business activity readings from across the eurozone suggest growth has ground to a halt.
U.S. President Donald Trump has said he doesn?t need a trade deal with China before the 2020 election, fueling pessimism about the prospect of an agreement between the world’s two largest economies.
The euro area private sector moved close to stalling at the end of the third quarter, survey data from IHS Markit showed today. The flash composite output index unexpectedly fell to a 75-month low of 50.4 in September from 51.9 in August.
Germany’s private sector contracted the most since late 2012 as a downturn in manufacturing deepened and service sector growth lost momentum.
While the U.K.?s FTSE 100 Index has fallen by 0.3 percent, the French CAC 40 Index and the German DAX Index are down by 1 percent and 1.1 percent, respectively.
Banks were losing ground on growth worries, with Deutsche Bank, BNP Paribas, Commerzbank and Lloyds Banking Group posting notable losses. Miners Anglo American, Antofagasta and Glencore have also moved to the downside.
Marks & Spencer Group shares have also slumped after the company announced Chief Financial Officer Humphrey Singer has decided to leave the business and a succession process is now underway.
DEUTZ AG has also plunged as the internal combustion engine manufacturer said the insolvency of a major supplier will have an adverse financial impact in the current financial year.
On the other hand, TUI, EasyJet and Ryanair Holdings have jumped on expectations that they will benefit from the Thomas Cook bankruptcy.
