European Shares Slide Ahead Of Trump-Biden Debate

European stocks were moving lower on Tuesday as investors looked for cues from the final round of Brexit trade talks as well as the upcoming U.S. presidential debate.

The European Union and Britain have indicated that a post-Brexit deal was still some way off as negotiations recommenced over implementing their Withdrawal Agreement.

Covid-19 news flow and developments on the latest U.S. stimulus measures also remained on investors’ radar.

The pan European Stoxx 600 slipped half a percent to 361.76 after posting its biggest single-day gain in three months the previous day.

The German DAX and the U.K.’s FTSE 100 shed around 0.7 percent, while France’s CAC 40 index was down 0.4 percent.

Fiat Chrysler Automobiles N.V. fell over 1 percent and Peugeot S.A. lost 1.8 percent after they announced the composition of the Board of Stellantis, the new company that will result from the combination of their respective businesses.

Nokia Corp. shares rose half a percent. The company said it has signed a long-term strategic deal to become BT Group plc’s 5G RAN supplier.

HELLA GmbH & Co. KgaA shares fell over 1 percent. The automotive part supplier is selling its business with front camera software of HELLA Aglaia including the related activities of HELLA Aglaia in testing and validation, to the Car.Software Organization, a subsidiary of Volkswagen.

Hamburger Hafen und Logistik AG gained 0.7 percent. The company has signed an agreement for taking a majority stake of 50.01 percent in the multi-function terminal Piattaforma Logistica Trieste in the Italian seaport of Trieste.

This will be the company’s third participation in a port outside Hamburg after Odessa (Ukraine) and Tallinn (Estonia).

Travel-related stocks were declining as the global death toll from Covid-19 pandemic crossed 1 million.

British Airways owner IAG fell 2.4 percent, airline EasyJet declined 1.7 percent and engine maker Rolls-Royce tumbled 3.8 percent.

Plumbing parts distributor Ferguson soared 5.5 percent after restoring dividend.

High Street baker Greggs plunged 5.6 percent. The company has warned that trading will remain “below normal for the foreseeable future”.

Cairn Energy declined 1.4 percent as it reported a loss before tax from continuing operations of $284.4 million for the six months ended 30 June 2020 compared to profit of $73.2 million, prior year.

In economic releases, Eurozone economic confidence index reached a six-month high in September driven by waning pessimism in industry, retail trade, construction and services, survey data from the European Commission showed today.

The economic confidence index rose to 91.1 in September from 87.5 in August. This was the highest score since March and above economists’ forecast of 89.0.

Source: Read Full Article