HSBC drags European shares lower; LVMH gains on merger talks

This post was originally published on this site

(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.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

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.

Add Comment