European Shares Slide On Geopolitical Tensions

(RTTNews) - European stocks fell on Monday after four days of gains as key data from China disappointed and attacks on Saudi Arabia's oil facilities raised geopolitical risks.

Chinese industrial output growth unexpectedly weakened to 4.4 percent in August from the same period a year earlier, the slowest pace since February 2002 and down from 4.8 percent in July.

Retail sales and investment figures also disappointed amid rising trade pressure and softening domestic demand.

The pan European Stoxx 600 was down half a percent at 389.75 after rising 0.3 percent on Friday.

The German DAX was moving down 0.7 percent, France's CAC 40 index was declining 0.6 percent and the U.K.'s FTSE 100 was down 0.2 percent.

Swedish retailer Hennes & Mauritz AB lost 2.2 percent after profits at its U.K. arm declined by as much as 74 percent.

France KLM shares plunged 4.4 percent, Deutsche Lufthansa fell over 3 percent and easyJet lost 2 percent as oil prices surged the most on record after a drone strike on a Saudi Arabian oil plant.

Energy giant BP Plc jumped over 4 percent, Royal Dutch Shell rallied 3 percent and Total SA climbed 2.5 percent.

U.K. and Irish-based explorer Tullow Oil soared as much as 10 percent after the firm announced it has made a second oil discovery off the coast of Guyana.

Man Group tumbled 3.5 percent. The company's Chairman Ian Livingston has decided to resign, effective 31 December 2019.

Wirecard shares rose over 1 percent. The German provider of electronic payment and risk management applications has signed a memorandum of understanding with UnionPay to form a global strategic partnership that will support UnionPay's ongoing international expansion and Wirecard's growth in China.

Volkswagen declined 0.6 percent. The automaker has agreed to pay up to $127 million ($87.3 million) to settle an Australian class action stemming from its 2015 diesel emissions scandal.

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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