European Stocks End Lower On Growth Worries, Trump Impeachment Inquiry News

(RTTNews) - European markets ended lower on Wednesday with news about U.S. House Speaker Nancy Pelosi announcing a formal impeachment inquiry into President Donald Trump adding to other negative factors such as growth concerns, U.S.-China trade uncertainty and Brexit chaos.

Markets were also weighed down by the UK Supreme Court's ruling that the decision of Prime Minister Boris Johnson to suspend Parliament was unlawful.

The pan European Stoxx 600 ended down 0.58%. Among the major indices, France's CAC 40 declined 0.79%, Germany's DAX ended down 0.59% and the U.K.'s FTSE 100 edged down 0.02%, while Switzerland's SMI shed 0.77%.

Among other markets in Europe, Austria, Czech Republic, Denmark, Finland, Greece, Iceland, Italy, Norway, Poland, Portugal and Sweden ended with sharp to moderate losses.

Netherlands and Spain closed with modest losses. Belgium and Ukraine ended flat, while Russia and Turkey ended on a positive note.

In France, Essilor, Danone, Louis Vuitton, Pernot Ricard, Peugeot, Renault and Legrand ended down 1.3 to 3%, while ArcelorMittal and Airbus Group gained 2.7% and 1.8%, respectively.

In the German market, Fresenius, Wirecard, Lufthansa, SAP, Adidas, Henkel, Merck and Infineon lost 1.3 to 2.5%.

Among British stocks, Tui declined 3.4% on profit taking after recent strong gains. Ocado, Halma, Persimmon, DCC, Marks & Spencer and Sage lost 2 to 3%.

On the other hand, British American Tobacco, Imperial Brands, Antofagasta, EasyJet, J Sainsbury, Morrison Supermarkets, Croda International, BHP Group and Kingfisher ended with strong gains.

On the trade front, Trump said in the UN General Assembly that he would not accept a 'bad deal' in trade negotiations. A top Chinese official sait Beijing would not be threatened or allow interference in its affairs.

In economic news, France's consumer confidence strengthened to the highest level in 20 months in September, survey data from the statistical office Insee showed Wednesday.

The consumer sentiment index rose to 104 in September from revised 103 in August. This was the highest level since January 2018. The expected reading was 103.

Confidence has improved over the last nine consecutive months and remained above its long-term average of 100.

British retailers expect sales to fall at a slower pace in October and orders to remain broadly flat, according to Distributive Trades survey from the Confederation of British Industry, released Wednesday.

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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