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European Shares Extend Losses As Risk Aversion Deepens

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(RTTNews.com) - European stocks were subdued on Friday, as concerns over rising borrowing costs in the U.S., political brinkmanship in Washington and fears of a slowing global economy dented investors' appetite for riskier assets.

On a light day on the economic front, German consumer confidence is set to remain steady at the start of next year despite mounting global risks, market research group GfK said.

The forward-looking consumer confidence indicator is set to show a reading of 10.4 in January, unchanged from December. Economists had forecast a score of 10.3 for January.

The pan-European Stoxx Europe 600 index was down 0.7 percent at 334.44 in opening deals after declining 1.5 percent in the previous session.

The German DAX was moving down 0.7 percent, France's CAC 40 index was down over 1 percent and the U.K.'sFTSE 100 was declining 0.4 percent.

Danske Bank tumbled 3.4 percent after issuing another profit warning.

German automaker Volkswagen dropped 1.6 percent on reports that it plans to eliminate about 7,000 jobs at its Hannover and Emden plants in Germany in the coming years.

Online food delivery firm Delivery Hero SE soared 12 percent. The company is selling its German food delivery businesses Lieferheld, Pizza.de and foodora to Takeaway.com.

Renault rose 0.7 percent in Paris. According to media reports, Carlos Ghosn, the former Chairman of Nissan Motor Co Ltd., was re-arrested by Japan authorities on new allegations of financial misconduct. The new charges will help the authorities to extend his detention.

Mining giant Anglo American advanced 1.7 percent after resuming operations at its Minas-Rio iron ore operation in Brazil.

Plastics company RPC Group rallied 2.4 percent after it extended a deadline for Apollo Global Management to make a firm bid for the company.

Vodafone lost 2.3 percent after it decided to replace PricewaterhouseCoopers as auditors amid a legal dispute over the collapse of phone retailer Phones 4U.

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