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HSBC drags European shares lower; LVMH gains on merger talks

Published 10/28/2019, 04:28 PM
Updated 10/28/2019, 04:32 PM
HSBC drags European shares lower; LVMH gains on merger talks
UK100
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DE40
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HSBA
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LVMH
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(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
Oct 28 (Reuters) - European shares were inched lower on
Monday as a glum profit outlook from lender HSBC offset gains
following positive developments in the U.S.-China trade talks
and Brexit.
The pan-European STOXX 600 fell 0.1% at 0807 GMT and
London's FTSE 100 .FTSE was down 0.4%, but Germany's DAX
.GDAXI was up 0.2%.
Asia-focused HSBC HSBA.L lost 3% after the lender dropped
its 2020 profit target and warned it would have to undertake
costly restructuring, as it struggled amid a slowing global
business environment. Shares of Louis Vuitton owner LVMH LVMH.PA gained 1% after
a report that the company has approached U.S. jeweler Tiffany &
Co TIF.N with a $14.5 billion acquisition offer.
Trade - exposed auto .SXAP and mining .SXPP stocks led
gains among sub-sectors.
U.S. and Chinese officials are "close to finalising" some
parts of a trade agreement, officials said on Friday, while the
European Union was expected approve a flexible 3-month Brexit
delay.

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