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CORRECTED-European shares extend losses on weak German data, trade anxiety

Published 10/07/2019, 06:52 PM
CORRECTED-European shares extend losses on weak German data, trade anxiety
DE40
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HSBA
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STOXX
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OSRn
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AMS
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SXAP
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(Corrects milestone in the first paragraph to show European
shares logged their worst slide in two months last week, not one
year. Corrects to say the STOXX 600 fell about 3% last week, not
4%, in second paragraph.)
Oct 7 (Reuters) - European shares dipped on Monday,
extending losses from their sharpest weekly slide in two months,
as weak data on German industrial orders underscored concerns of
a looming recession in the country while investors were on edge
ahead of crucial trade talks between the U.S. and China this
week.
By 0710 GMT, the pan-European STOXX 600 index .STOXX was
down 0.1%, after it tumbled 3% last week on tensions over
transatlantic trade wars and a clutch of weak U.S. and European
data.
Germany's DAX .GDAXI declined 0.2% after data showed
German industrial orders fell slightly more than expected in
August. A report that said China officials are increasingly
reluctant to agree to a broad trade deal with the United States,
kept investors nervous ahead of the trade negotiations starting
on Thursday. Trade-sensitive automakers .SXAP dropped 1%, leading
declines among major sectors.
London-listed shares of HSBC Holdings Plc HSBA.L fell 0.7%
after a report over the weekend said the banking group was
planning to cut up to 10,000 jobs to lower costs. Austria's AMS AMS.S rose 3.5% after the company said it
failed in its 4.5 billion euro ($4.9 billion) takeover attempt
of German lighting group Osram OSRn.DE . Osram was the biggest
decliner on the STOXX 600, down 4%.

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