European Shares Mostly Lower In Cautious Trade

European Shares Mostly Lower In Cautious Trade

October 2, 2023

European stocks fell broadly on Tuesday as investors continued to fret about stubbornly higher interest rates and a weakening Chinese economy.

High oil prices and worries around a possible U.S. government shutdown also weighed on markets.

The pan European STOXX 600 was down 0.3 percent at 448.90 after losing 0.6 percent on Monday.

The German DAX slipped 0.4 percent and France’s CAC 40 shed 0.7 percent while the U.K.’s FTSE 100 was up 0.2 percent, reversing an early slide.

Swiss drug major Novartis AG gained 1 percent. Its unit Sandoz announced that the European Commission granted marketing authorization for Tyruko (natalizumab) for multiple sclerosis in Europe.

Rheinmetall AG, a German automotive and arms maker, fell about 1 percent despite news that it bagged two new orders with aggregate order value in the three-digit million euro range from two undisclosed companies.

Origin Enterprises, a farm services provider, rallied 3 percent in London despite reporting lower profit before tax for fiscal 2023.

British lender Barclays rose about 3 percent after announcing plans to shut down the U.K. current and savings accounts of British expatriates.

ASOS fell 1.3 percent after the online fashion retailer reported a drop in sales in the fourth quarter and warned profit would be around the bottom of its guided range.

Engineering giant Smiths Group added 1 percent after reporting a record rise in operating profit for the year to July.

China-exposed LVMH, Kering and Hermes International dropped 1-2 percent in Paris as developments at Chinese developers China Evergrande Group and China Oceanwide Holdings dampened hopes for economic recovery in the world’s second largest economy.

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