Investing.com - Financial Markets Worldwide
👀 Copy Legendary Investors' Portfolios in One ClickCopy For Free

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
-
DBKGn
-
PEUP
-
STOXX
-
SX8P
-
SXAP
-
SXPP
-

(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.

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.