European Shares Mixed In Cautious Trade

(RTTNews) - European stocks were trading mixed in cautious trade on Monday after data showed that China's exports fell unexpectedly in August amid escalating trade dispute with the U.S. administration.

Hopes of further stimulus from global central banks helped to limit the downside to some extent ahead of a European Central Bank meeting slated for Thursday.

The pan European Stoxx 600 was little changed with a negative bias after rising 0.3 percent on Friday.

France's CAC 40 index was marginally lower and the U.K.'s FTSE 100 was down about 0.4 percent while the German DAX was rising 0.2 percent after the release of encouraging trade data.

Germany's exports increased in July, while imports decreased from the previous month, data from Destatis showed.

Exports advanced 0.7 percent month-on-month in July, reversing a 0.1 percent fall in June. Meanwhile, imports dropped 1.5 percent after rising 0.7 percent a month ago.

Exports were forecast to fall 0.5 percent on month and imports to drop 0.3 percent.

Elsewhere, the Bank of France retained its growth forecast for the third quarter today amid an improvement in confidence in the manufacturing sector.

Telefonica Deutschland Holding advanced 1.2 percent after it signed the German mobile network pact for LTE expansion in return for improved payment terms for 5G spectrum.

Sika gained half a percent on news it is expanding the company's Target Markets Industry and Sealing & Bonding presence in China and the Asia Pacific region with the acquisition of Crevo-Hengxin.

Novartis edged up slightly as it reported positive results from a 4.5-year, interim analysis of a 5-year, open-label treatment period to evaluate Aimovig in patients with episodic migraine.

Air France-KLM Group slumped 9 percent after posting disappointing passenger traffic figures for August.

Hannover Re shares rose 1 percent. The reinsurance company said it considers itself well on track to achieve fiscal 2019 targets and its result will additionally be positively influenced by a one-time effect from a participating interest of 100 million euros.

Shares of Associated British Foods fell more than 3 percent after a disappointing pre-close trading update for the 12 months to mid-September.

IAG declined 2.3 percent as British Airways pilots went ahead with a strike.

Shopping centre-owner Intu Properties jumped 12 percent on reports of bid interest from private equity firm Orion Capital.

Anglo American, Antofagasta and Glencore fell between 0.4 percent and 1.1 percent after a decline in iron ore and base metal prices.

Essentra advanced 1.4 percent as it acquired Nekicesa Packaging S.L. from GED Iberian B, F.C.R. and EBN Vaccaria, F.C.R. for an undisclosed cash consideration.

Lloyds Banking Group dropped over 1 percent on saying it would incur a further charge of up to £1.8bn to cover claims relating to mis-sold payment protection insurance.

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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