European shares extend losses on weak German data, trade anxiety
Reuters
Published Oct 07, 2019 03:37AM ET
(Reuters) - European shares dipped on Monday, extending losses from their sharpest weekly slide this year, as weak data on German industrial orders underscored concerns of a looming recession in the country while investors were on edge ahead of crucial trade talks between the U.S. and China this week.
By 0710 GMT, the pan-European STOXX 600 index (STOXX) was down 0.1%, after it tumbled 4% last week on tensions over transatlantic trade wars and a clutch of weak U.S. and European data.
Germany's DAX (GDAXI) declined 0.2% after data showed German industrial orders fell slightly more than expected in August.
A report that said China officials are increasingly reluctant to agree to a broad trade deal with the United States, kept investors nervous ahead of the trade negotiations starting on Thursday.
Trade-sensitive automakers (SXAP) dropped 1%, leading declines among major sectors.
London-listed shares of HSBC Holdings Plc (L:HSBA) fell 0.7% after a report over the weekend said the banking group was planning to cut up to 10,000 jobs to lower costs.
Austria's AMS (S:AMS) rose 3.5% after the company said it failed in its 4.5 billion euro ($4.9 billion) takeover attempt of German lighting group Osram (DE:OSRn). Osram was the biggest decliner on the STOXX 600, down 4%.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.