Markets

European Shares Mixed As Brexit Saga Continues

(RTTNews) - European stocks were mixed on Wednesday as the political deadlock over Brexit dragged on and tech stocks fell after revenue warnings from Texas Instruments.

A general election could be on the cards after U.K. lawmakers supported the prime minister's deal to withdraw the U.K. from the EU, but then rejected a limited time frame for reviewing the legislation related to Brexit.

Prime Minister Boris Johnson has vowed to push for an election if EU leaders sanction a Brexit extension of up to three months.

The pan European Stoxx 600 dropped 0.2 percent to 393.95 after rising 0.1 percent in the previous session.

France's CAC 40 index declined 0.4 percent, while the German DAX inched up marginally and the U.K.'s FTSE 100 was up half a percent.

Infineon Technologies dropped 1.6 percent and STMicroelectronics shed 1.8 percent after U.S.-based Texas Instruments warned about a slowdown in the global tech industry.

The company gave a weaker-than-expected forecast for the current quarter after reporting disappointing September-quarter results, saying customers are getting wary of ongoing trade uncertainties with China.

French grocery retailer Carrefour Group advanced 2.3 percent. After reporting slower sales growth in the third quarter, the company said that its overhaul plan aimed at boosting earnings was on track.

Peugeot shares jumped 2 percent. Groupe PSA, the owner of Peugeot and Opel brands, reported that its third-quarter revenue increased 1 percent despite headwinds including unfavorable currency swings.

Just Eat shares rose about 1 percent. Online food delivery marketplace Takeaway.com N.V., which is in deal to merge with the U.K. food delivery company, today said the planned merger would create a superb company and that it will be benefited from three of the world's largest profit pools: the UK, Germany and Holland.

Rio Tinto gained over 1 percent after the mining giant said it would conduct a strategic review of its interest in New Zealand's Aluminum Smelter (NZAS) at Tiwai Point.

Antofagasta added 1.4 percent after backing its FY copper production view.

Gold miner Centamin jumped 5 percent after saying it is still targeting the bottom end of 2019 guidance.

Fresnillo lost 2.8 percent after reporting a fall in Q3 silver and gold production.

Swiss engineering firm ABB soared almost 4 percent despite the company posting lower third-quarter profit and revenue, hit by weaker market conditions in its robotics and automation business.

Heineken tumbled 2.6 percent after the world's second-largest brewer forecast operating profit this year would be at the lower end of its previous guidance

In economic releases, France's manufacturing confidence weakened to the lowest level in more than four years in October, survey results from the statistical office Insee showed.

The manufacturing sentiment index fell to 99 in October from 102 in September. This was the lowest reading since March 2015.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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