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Auto stocks limit losses for Europe, trade doubts linger

Published 10/30/2019, 04:34 PM
Updated 10/30/2019, 04:40 PM
Auto stocks limit losses for Europe, trade doubts linger
STLAM
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DBKGn
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PEUP
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STOXX
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SX8P
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SXAP
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SXPP
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(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
Oct 30 (Reuters) - European shares struggled for direction
on Wednesday as losses due to uncertainty around an interim
U.S.-China trade deal were curtailed by a jump in auto stocks
following merger talks between Fiat Chrysler and PSA Group.
The pan-European STOXX 600 index .STOXX was flat at 0810
GMT, with auto stocks .SXAP climbing 1.2% to their highest
level in nearly six months.
Italian-American carmaker Fiat Chrysler FCHA.MI confirmed
merger talks with French rival PSA PEUP.PA , a potential deal
that could reshape the global auto industry and create a
European powerhouse. Shares of both companies rose between 7% and 8%, topping the
benchmark STOXX 600 index.
However, concerns over the U.S.-China trade pact resurfaced
after a U.S. administration official told Reuters that it might
not be completed in time for the leaders of the two countries to
sign in Chile next month. Trade-sensitive tech .SX8P and commodity-linked stocks
.SXPP were the biggest decliners among the major European
sub-sectors.
Deutsche Bank DBKGn.DE fell 5% after reporting a loss for
the second consecutive quarter, partly due to costs for a major
restructuring.
Markets now await a raft of euro zone economic indicators
that will shed light on the health of the trading bloc, along
with an expected interest-rate cut at the U.S. Federal Reserve's
meeting later in the day.

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