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Asian Markets at Close Report

European Markets at Close Report

Sep 7, 2016

European Markets Closing Report, by CNBC on September 7, 2016: European Stocks Close Higher After Weak German Data; Sports Direct Down 8%

cnbc.com
 
Arjun Kharpal, Holly Ellyatt
 
European stocks closed higher Wednesday as investors digested weaker U.S. data which lowered the chances of the U.S. Federal Reserve hiking interest rates later this month.

Bayer-Monstanto talks go on




 


FTSE FTSE 6846.58
20.53 0.30% 852582456
DAX DAX 10752.98
65.84 0.62% 79763466
CAC CAC 4557.66
27.70 0.61% 77776088
IBEX 35 IBEX 35 Idx 9015.30
115.80 1.30% 206123215

The pan-European STOXX 600 was up around 0.34 percent in the afternoon with a lack of conviction setting into markets. Major sectors were pointing higher.
On the data front, German industrial output for July fell 1.5 percent month-on-month, according to data from the Economy Ministry, its steepest monthly drop since August 2014.
In stocks news, U.S. seed producer Monsanto shareholders have increased the pressure on Bayer to raise its already sweetened takeover offer but some of the German firm's own investors have warned the current offer is already too high, the Financial Times reported. Bayer shares were flat.
In the U.S., Wall Street hovered around the flatline at the open, with the Dow Jones Industrial Average down 0.07 percent and the broader S&P 500 off by 0.04 percent.
Volkswagen shares were trading higher after the Wall Street Journal reported the German carmaker was in advanced talks with China Anhui Jianghuai Automobile to produce electric vehicles in the country.

US data falls

Sports Direct down 5%

On other stocks news, Sports Direct, the British retailer which has come under pressure for its working practices, unveiled a strategic plan on Wednesday to be enacted over the next two to four years. Shares in the firm were down over 9 percent.
Airline stocks Lufthansa, Air France-KLM and Easyjet were deep in negative territory after Deutsche Bank cut its outlook for the stocks.
And shares of Worldpay were near the bottom of the STOXX 600 after two of the payment processor's largest shareholders - Advent International Corp. and Bain Capital - sold 350 million shares in the company.