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Aug 6, 2018

European Markets at Close Report: European markets close lower amid trade uncertainty; IWG shares tumble 21% I CNBC

cnbc.com

European markets close lower amid trade uncertainty; IWG shares tumble 21%

Justina Crabtree, Sam Meredith, Ryan Browne


European markets closed lower Monday afternoon, having spent the day see-sawing above and below the flat line thanks to investor jitters over world trade.
 
FTSE FTSE 7658.53 -0.57 -0.01% 577197195
DAX DAX 12570.32 -45.44 -0.36% 51224378
CAC CAC 5468.76 -10.22 -0.19% 41973860
IBEX 35 --- --- --- --- --- ---
Thcnbc.com

European markets close lower amid trade uncertainty; IWG shares tumble 21%

Justina Crabtree, Sam Meredith, Ryan Browne

European markets closed lower Monday afternoon, having spent the day see-sawing above and below the flat line thanks to investor jitters over world trade.
 
FTSE FTSE 7658.53 -0.57 -0.01% 577197195
DAX DAX 12570.32 -45.44 -0.36% 51224378
CAC CAC 5468.76 -10.22 -0.19% 41973860
IBEX 35 --- --- --- --- --- ---
The pan-European Stoxx 600 was 0.4 percent lower during mid-afternoon deals, with all major bourses and most sectors in negative territory.
The basic resources sector fell by 1.6 percent on the back of trade uncertainty.
Europe's chemicals stocks were also among the worst performers, down around 1.4 percent amid merger and acquisition news. Linde slumped to the bottom of the sector, amid reports the U.S. Federal Trade Commission (FTC) could demand further concessions in the German industrial gases company's merger with European peer Praxair. Shares of Linde were trading 8.9 percent lower on Monday afternoon.
Looking at individual stocks, shares of U.K. office provider IWG tanked more than 21 percent on news the company had abandoned takeover discussions with three remaining suitors on Monday.
Elsewhere, HSBC reported an earnings beat, with pre-tax profit up by 4.58 percent year-on-year to $10.712 billion in the first half of 2018. The lender's shares dropped throughout the day, and were 1 percent lower during mid-afternoon trade.

With WTI down over 7 percent in July, in what price range will it trade at the end of August?

Total Votes:
Not a Scientific Survey. Results may not total 100% due to rounding.
Investors continued to monitor the U.S.-Sino trade spat. China's official state-backed newspaper People's Daily hit out at President Donald Trump on Monday amid an escalating war of protectionism between the world's two largest economies. On Friday, China said it was preparing retaliatory measures against U.S. tariffs targeting $60 billion worth of U.S. goods with import duties.
America's European allies will likely be nervous Monday as Washington gears up to re-impose sanctions on Iran that were overturned by an historic nuclear deal in 2015. The duties will affect Iranian products including automobiles and metals.e pan-European Stoxx 600 was 0.4 percent lower during mid-afternoon deals, with all major bourses and most sectors in negative territory.
The basic resources sector fell by 1.6 percent on the back of trade uncertainty.
Europe's chemicals stocks were also among the worst performers, down around 1.4 percent amid merger and acquisition news. Linde slumped to the bottom of the sector, amid reports the U.S. Federal Trade Commission (FTC) could demand further concessions in the German industrial gases company's merger with European peer Praxair. Shares of Linde were trading 8.9 percent lower on Monday afternoon.
Looking at individual stocks, shares of U.K. office provider IWG tanked more than 21 percent on news the company had abandoned takeover discussions with three remaining suitors on Monday.
Elsewhere, HSBC reported an earnings beat, with pre-tax profit up by 4.58 percent year-on-year to $10.712 billion in the first half of 2018. The lender's shares dropped throughout the day, and were 1 percent lower during mid-afternoon trade.

With WTI down over 7 percent in July, in what price range will it trade at the end of August?

Total Votes:
Not a Scientific Survey. Results may not total 100% due to rounding.
Investors continued to monitor the U.S.-Sino trade spat. China's official state-backed newspaper People's Daily hit out at President Donald Trump on Monday amid an escalating war of protectionism between the world's two largest economies. On Friday, China said it was preparing retaliatory measures against U.S. tariffs targeting $60 billion worth of U.S. goods with import duties.
America's European allies will likely be nervous Monday as Washington gears up to re-impose sanctions on Iran that were overturned by an historic nuclear deal in 2015. The duties will affect Iranian products including automobiles and metals.