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European shares flat as China data stokes slowdown worries

Published 12/09/2019, 04:32 PM
Updated 12/09/2019, 04:40 PM
European shares flat as China data stokes slowdown worries
FCHI
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TSCO
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TLW
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STOXX
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(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
Dec 9 (Reuters) - European stocks were flat on Monday as new
data from China signalled a slowdown in the world's
second-largest economy, stoking fresh concerns about slowing
global growth.
The pan-European STOXX 600 .STOXX index was trading flat
at 0803 GMT, after closing more than 1% higher on Friday
following a robust U.S. jobs report.
Investor sentiment was hit after data showed that China
exports in November shrank for the fourth straight month,
implying that the trade war with the United States was taking a
toll on the world's second-largest economy. Both countries are negotiating a so-called "phase one" deal
aimed at de-escalating the prolonged trade dispute, but it is
unclear whether such an agreement can be reached in the near
term.
Meanwhile, France's CAC 40 .FCHI shed 0.1% as the
country's finance minister said they were ready to go to the
World Trade Organization to challenge U.S. President Donald
Trump's threat to put tariffs on champagne and other French
goods in a row over a French tax on internet companies.
Britain's biggest retailer Tesco TSCO.L jumped 4.1%, and
was the top gainer in the benchmark index, after the company
signalled a further retreat from its once-lofty global ambitions
by starting a review of its remaining Asian businesses.
Tullow Oil Plc TLW.L hit a 15-year low after the oil and
gas explorer said its Chief Executive Paul McDade resigned and
it also scrapped its dividends, as it continues to face issues
at its main producing assets in Ghana.

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