(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 fell 0.1% at 0807 GMT and London’s FTSE 100 () was down 0.4%, but Germany’s DAX () was up 0.2%.
Asia-focused HSBC (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 (PA:) gained 1% after a report that the company has approached U.S. jeweler Tiffany & Co (N:) with a $14.5 billion acquisition offer.
Trade – exposed auto () and mining () 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.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.