European Shares Retreat After Weak China Data


(RTTNews.com) - European stocks fell on Monday as a shock contraction in Chinese exports and concerns surrounding the ongoing U.S. government shutdown kept investors on the sidelines.

China's exports and imports in December declined at the worst rates in two years, raising fresh concerns about global growth.

Brexit concerns also lingered ahead of Tuesday's key Commons vote.

The pan-European Stoxx Europe 600 index was down 0.7 percent at 346.93 in opening deals after closing up 0.1 percent on Friday.

The German DAX, France's CAC 40 and the U.K.'sFTSE 100 were down between half a percent and 0.7 percent.

Denmark's Pandora plunged 7 percent as Morgan Stanley slashed its price target for the jewelry retailer.

Italian oil and gas company Eni dropped over 1 percent. The company and Oman Oil Company Exploration and Production have entered into an Exploration and Production Sharing Agreement for Block 47 with the Government of the Sultanate of Oman.

Ophir Energy lost 2 percent after it rejected a potential buyout offer from Indonesian oil and gas group Medco Energi Internasional.

Acacia Mining fell over 1 percent after reporting a 12 percent decline in Q4 gold production.

JD Sports soared 7.5 percent. In its update following the Christmas period, the retailer of sport, fashion and outdoor brand said it is confident that its headline profit before tax for the full year ended February 2, 2019, will be at the upper end of published market expectations.

Dialog Semiconductor rallied 3.3 percent in Frankfurt. The company reported Q4 revenue of US$431 million, within the October guidance range.

French luxury goods firm LVMH tumbled nearly 3 percent and Gucci owner Kering lost 2 percent on concerns over Chinese demand.


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