European Shares Slip On Trade Anxiety

(RTTNews) - European stocks were moving lower on Tuesday as investors braced for the next round of high-level trade talks between the U.S. and China starting Thursday.

Traders were also digesting comments from a source in British Prime Minister Boris Johnson's office suggesting that a Brexit deal was essentially impossible.

The day's economic data proved to be a mixed bag, with China's services sector growing at its slowest pace in seven months in September, while a surprise rebound in German industrial production in August suggested that the biggest euro area economy may avoid recession.

The pound was moving lower after official data showed that U.K. labor productivity contracted in the second quarter at the fastest pace in five years.

The pan European Stoxx 600 was down 0.7 percent at 380.18 after climbing 0.7 percent in the previous session.

The German DAX was losing 1 percent, France's CAC 40 index was declining 0.8 percent and the U.K.'s FTSE 100 was down 0.1 percent.

Shares of London Stock Exchange Group slumped 4.8 percent after Hong Kong's bourse abandoned its bid for the company.

easyJet lost 6.5 percent despite the airline delivering a solid performance in the fourth quarter and predicting it will hit upper profit guidance of up to £430m for its full year.

Recruiter PageGroup plunged 12 percent after downgrading its profit outlook.

Swiss-Irish food group Aryzta tumbled 3.6 percent as it reported a fall in organic revenue in North America in the past 12 months.

AMG Advanced Metallurgical Group N.V. advanced 1.3 percent after it agreed to form a joint venture with Shell Catalysts & Technologies to provide a sustainable solution for catalyst reclamation and recycling.

Air France KLM shares fell nearly 2 percent. The Group, comprising Air France, KLM and Transavia, reported that its total group passengers for the month of September increased 2.2 percent from last year. Capacity grew 2.4 percent while traffic increased 3.1 percent for the month.

Wirecard shares declined 2.7 percent. The German internet technology and financial services provider said it increased its Vision 2025, reflecting organic growth drivers and partnerships such as SoftBank.

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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