EUROPE MARKETS: European Markets Hit By Disappointing China Trade Data
2019年1月14日 - 10:59PM
Dow Jones News
By Emily Horton
FTSE-100 braces for Brexit vote
European markets dropped on Monday, tracking losses for global
equities as weak Chinese data triggered global economic
concerns
Drug and bank names also contributed to the weakness, while in
the U.K., investors had one more worry -- a parliamentary vote on
Prime Minister Theresa May's contentious Brexit withdrawal
agreement Tuesday.
How are markets trading?
All major European indexes struggled on Monday, with the Stoxx
Europe 600 losing 0.9% to 346.20, after finishing up 1.7% for the
week on Friday.
Italy's FTSE MIB index was the biggest regional loser on Monday,
dropping 1% to 19,092.30. France's CAC 40 dropped 0.7% to 4,749.16,
the U.K.'s FTSE 100 fell 0.8% to 6,861.70 and Germany's DAX 30 lost
0.6% to 10,826.20.
The euro traded remained mostly unchanged from $1.1469 late in
New York on Friday.
The British pound was bouncing around
(http://www.marketwatch.com/story/pound-struggles-as-crucial-brexit-vote-draws-near-2019-01-14)on
Monday, with a crucial vote on May's Brexit deal just a day away.
The pound was trading at $1.2849 from $1.2830 late Friday in New
York.
What is driving the markets?
Weaker-than-expected Chinese trade data
(http://www.marketwatch.com/story/chinas-trade-growth-slowed-in-2018-as-global-demand-weakened-2019-01-13)
hit investor appetite for perceived riskier assets, such as stocks,
and sparked fresh worries over a global economic slowdown. Some
luxury goods companies, many of which get a chunk of their business
from China, took a hit, with Christian Dior SE (CDI.FR) down over
2%.
In the U.K., markets are expected to remain on edge ahead of
Tuesday's vote over a deal for Britain to leave the European Union.
May's plan is expected to be rejected by lawmakers, leaving the
current Conservative government to likely face a vote of no
confidence from the opposition Labour Party, whose own Brexit
policy is equally divided.
What stocks are active?
Pandora A/S (PNDORA.KO) shares plunged more than 6%, after
Morgan Stanley cut its price target for the Danish jewelry company,
and it expects upcoming earnings to disappoint and management to
announce a restructuring.
Among the heavyweights, pharmaceutical group Novartis AG
(NOVN.EB) (NOVN.EB) fell 1.3% and banking group HSBC Holdings PLC
(HSBA.LN) (HSBA.LN) fell over 1%.
Britain's Burberry PLC (BRBY.LN) bucked a weaker trend for
luxury-goods groups, gaining 1% after Bank of America Merrill Lynch
reportedly
(https://www.cnbc.com/2019/01/14/europe-markets-export-slump-in-china-rattles-global-stocks.html)
raised its stock recommendation to neutral from underperform.
Online supermarket Ocado Group PLC (OCDO.LN) gained almost
2%.
(END) Dow Jones Newswires
January 14, 2019 08:44 ET (13:44 GMT)
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