European Shares Slide On Growth Worries

(RTTNews) - European stocks fell slightly in cautious trade on Thursday after China reported unexpectedly weak data, with both industrial output and retail sales growth coming in below estimates. Weak data from Japan and Australia also added to signs of weak overall economic growth.

Closer home, Germany's economy expanded modestly in the third quarter supported by consumption and, thus avoided entering a widely expected technical recession.

Gross domestic product grew a seasonally and calendar adjusted 0.1 percent from the previous three months, provisional data from the statistical office Destatis showed, defying economists' expectations for a 0.1 percent decline.

The contraction in the second quarter was revised to 0.2 percent from 0.1 percent.

The pan European Stoxx 600 was down 0.15 percent at 405.24 after declining 0.3 percent in the previous session.

The German DAX was moving down 0.3 percent, France's CAC 40 index was marginally lower and the U.K.'s FTSE 100 was down 0.3 percent.

Private equity company 3i group slumped 4.7 percent despite the company reporting "good momentum" across its portfolio in its half-year results.

Luxury brand Burberry surged 4.7 percent after the company reported higher pretax profit and revenue for its first fiscal half.

Bouygues rose over 1 percent. The telecommunications, media and construction company reported that its nine-month net profit increased to 848 million euros from last year's 771 million euros.

Electric utility EDF jumped more than 2 percent after reporting a rise in nine-month sales and confirming its FY19 and FY20 guidance.

Daimler shares tumbled 3.2 percent after the automaker said it would cut jobs and save more than €1 billion (US$1.1 billion) by the end of 2022.

Utility RWE fell over 2 percent despite reporting a rise in nine-month earnings and lifting its 2019 guidance.

Consumer goods maker Henkel AG & Co. KGaA dropped 1.4 percent after its Q3 profit declined 9.4 percent.

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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