UPDATE 2-European shares dip, Glencore slides to 3-yr low

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* STOXX 600 closes 0.1% lower
* Mixed trade signals keep investors away from risky bets
* Glencore slumps to over 3-year low on fraud probe
* Luxury stocks stand out on Kering's deal talk with Moncler

(Updates to close)
By Susan Mathew
Dec 5 (Reuters) - Most European shares ended slightly lower
on Thursday amid mixed signals on a U.S.-China "phase-one" trade
deal, while a slide in Glencore shares on a bribery
investigation tied in with a strong pound to push London's
benchmark index to near two-month lows.
German shares .GDAXI also underperformed peers throughout
the day after data showed industrial orders fell unexpectedly in
October, suggesting a manufacturing downturn will continue to
hold back growth in Europe's largest economy in the final
quarter. Stocks around the globe have been on a roller coaster ride
this week as investors struggled to demystify messages from U.S.
President Donald Trump on the trade war.
Trump's comments swung wildly with him saying talks with
China were going "very well" at one meeting, while warning that
the deal may come only after elections in November 2020 at
another.
"Traders are have become a bit nervous again," said David
Madden, an analyst with CMC Markets.
"You cannot be optimistic and bullish when there isn't clear
positive news about this (U.S.-China trade)."
The increasing sensitivity to trade headlines comes as Dec.
15 closes in when a further set of U.S. tariffs on Chinese goods
is set to take effect unless a deal is struck.
The pan-European STOXX 600 .STOXX closed down 0.1% after a
stellar rally on Wednesday, and was mainly dragged by a slump in
commodity-linked stocks .SXPP . IRONORE/ MET/L
Glencore GLEN.L dropped 9% to its lowest since October
2016 after Britain's Serious Fraud Office launched an
investigation concerning "suspicions of bribery," - the latest
addition to the commodity trading giant's legal woes.
That, along with a pound GBP= that zoomed on growing
confidence that next week's election will give the Conservative
Party the parliamentary majority needed to deliver Brexit,
pushed Britain's FTSE .FTSE 0.7% lower. .L
Elsewhere, Moncler MONC.MI jumped 6.5% after Bloomberg
reported that Gucci-owner Kering PRTP.PA held "exploratory"
talks about a potential deal with the Italian luxury puffer coat
maker. The news also boosted its local peers Salvatore Ferragamo
SFER.MI and Tod's TOD.MI .
Moncler's chief executive, however, played down the
speculation saying there was no deal in the works. The rally in luxury stocks come as a relief after pulling
back on Tuesday when Washington threatened punitive duties of up
to 100% on champagne, handbags and other imports from France.
Novartis NOVN.S was among the biggest boosts to the STOXX
600. The drugmaker's chief executive said the firm is planning
more than 80 major submissions to regulators for drug approvals
from 2020-2022.