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Dec. 10, 2018, 2:06 p.m. EST

European stocks end sharply lower as data add to worries about global growth

FTSE pressured as U.K. delays Brexit vote

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By Emily Horton


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German chemical group warns

European stocks ended sharply lower on Monday, as investors failed to shake continued weakness in U.S. equities and as signs of slowing growth in France added to worries. Among individual stocks, BASF AG tumbled on a profit warning.

In London, the FTSE 100 slumped after U.K. Prime Minister Theresa May confirmed she would delay a crucial parliamentary vote on her Brexit plan.

Read: U.K. delays Brexit vote — what happens next?

U.S. stocks initially extended last week’s slump, falling sharply in early Wall Street trade before slashing declines after European markets closed.

What did markets do?

The Stoxx Europe 600 /zigman2/quotes/210599654/delayed XX:SXXP -0.28%  dropped 1.9% to end at 338.99, after closing down 3.4% last week, the biggest percentage decline since the week ending Oct. 12, 2018.

Germany’s DAX 30 /zigman2/quotes/210597999/delayed DX:DAX -0.56%  dropped 1.5% to 10,622.07, while France’s CAC 40 /zigman2/quotes/210597958/delayed FR:PX1 -0.34%  lost 1.5% to 4,742.38.

The U.K.’s FTSE 100 /zigman2/quotes/210598409/delayed UK:UKX +0.22%  dropped 0.8% to end at 6,721.54. Italy’s FTSE MIB Italy index /zigman2/quotes/210598024/delayed IT:I945 -0.02%  dropped 1.8%.

What is driving the market?

Earlier Monday, the European Court of Justice ruled on Monday that the U.K. could officially cancel Brexit without the permission of the other 27 EU member states.

On the economic front, Germany’s Federal Statistical Office released showing that the county’s trade surplus with the rest of the world narrowed. Blaming protests across the country that have cut into industrial production for a number of sectors, the Bank of France said the French economy will grow slower than originally projected.

Global growth concerns and worries that the U.S. and China will struggle to meet common ground on trade were also hanging over stocks, with U.S. stock futures lower, while weaker oil prices also weighed on heavyweight energy companies.

What stocks are active?

Heavyweight banking stocks were in the red, with Banco Santander SA /zigman2/quotes/202859081/composite SAN -0.84%   /zigman2/quotes/205677933/delayed ES:SAN +1.27%  falling 2.7% and UBS Group AG /zigman2/quotes/206172872/composite UBS -2.47%   /zigman2/quotes/206994749/delayed CH:UBSG 0.00%  sliding 3.1%.

Major oil companies fell as crude prices came under pressure, with Royal Dutch Shell PLC /zigman2/quotes/205095589/composite RDS.A +0.88% /zigman2/quotes/207682964/composite RDS.B +1.38%  down more than 1% and Total SA /zigman2/quotes/201824152/composite TOT +1.62%   /zigman2/quotes/206172043/delayed FR:FP +1.18%  off 1.7%.

Shares of BASF SE /zigman2/quotes/204280060/delayed DE:BAS +1.22%  slid by nearly 4%, after the German chemical group issued a profit warning on Monday.

Pharmaceutical stocks gained ground, with AstraZeneca PLC /zigman2/quotes/203048482/delayed UK:AZN +0.22% up 1.3% and GlaxoSmithKline PLC /zigman2/quotes/200381158/delayed UK:GSK +0.02% rallying 2.2%. German health care company Fresenius SE & Co. KGaA /zigman2/quotes/202630793/delayed DE:FRE -0.53%  rose 2.3%.

/zigman2/quotes/210599654/delayed
XX : STOXX
410.77
-1.14 -0.28%
Volume: 0.00
March 5, 2021 2:36p
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/zigman2/quotes/210597999/delayed
DAX
DX : Xetra Indices
13,978.19
-78.15 -0.56%
Volume: 38,321
March 5, 2021 2:36p
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/zigman2/quotes/210597958/delayed
FR : France: Euronext Paris
5,811.04
-19.61 -0.34%
Volume: 34,725
March 5, 2021 2:36p
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/zigman2/quotes/210598409/delayed
UK : FTSE UK
6,665.73
+14.85 +0.22%
Volume: 348,072
March 5, 2021 1:36p
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/zigman2/quotes/210598024/delayed
IT : Borsa Italiana
23,089.24
-3.86 -0.02%
Volume: 0.00
March 5, 2021 2:36p
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/zigman2/quotes/202859081/composite
US : U.S.: NYSE
$ 3.53
-0.03 -0.84%
Volume: 9.10M
March 4, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$61.62 billion
Rev. per Employee
N/A
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/zigman2/quotes/205677933/delayed
ES : Spain: Madrid
2.98
+0.04 +1.27%
Volume: 85.90M
March 5, 2021 2:36p
P/E Ratio
N/A
Dividend Yield
0.75%
Market Cap
€50.99 billion
Rev. per Employee
N/A
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/zigman2/quotes/206172872/composite
US : U.S.: NYSE
$ 15.40
-0.39 -2.47%
Volume: 4.84M
March 4, 2021 4:00p
P/E Ratio
8.62
Dividend Yield
2.38%
Market Cap
$57.08 billion
Rev. per Employee
N/A
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/zigman2/quotes/206994749/delayed
CH : Switzerland: SWX
CHF 14.45
0.00 0.00%
Volume: 6.51M
March 5, 2021 2:36p
P/E Ratio
8.64
Dividend Yield
2.36%
Market Cap
CHF52.37 billion
Rev. per Employee
N/A
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/zigman2/quotes/205095589/composite
US : U.S.: NYSE
$ 42.43
+0.37 +0.88%
Volume: 7.67M
March 4, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
2.62%
Market Cap
$158.94 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/207682964/composite
US : U.S.: NYSE
$ 40.41
+0.55 +1.38%
Volume: 4.14M
March 4, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
3.23%
Market Cap
$158.94 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/201824152/composite
US : U.S.: NYSE
$ 48.32
+0.77 +1.62%
Volume: 3.23M
March 4, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$123.67 billion
Rev. per Employee
N/A
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/zigman2/quotes/206172043/delayed
FR : France: Euronext Paris
41.04
+0.48 +1.18%
Volume: 4.23M
March 5, 2021 2:36p
P/E Ratio
N/A
Dividend Yield
6.43%
Market Cap
€102.42 billion
Rev. per Employee
N/A
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/zigman2/quotes/204280060/delayed
DE : Germany: Frankfurt
71.18
+0.86 +1.22%
Volume: 10,644
March 5, 2021 2:21p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
N/A
Rev. per Employee
€512,034
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/zigman2/quotes/203048482/delayed
UK : U.K.: London
6,872.00 p
+15.00 +0.22%
Volume: 761,655
March 5, 2021 1:36p
P/E Ratio
36.27
Dividend Yield
3.01%
Market Cap
£90.01 billion
Rev. per Employee
£272,751
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/zigman2/quotes/200381158/delayed
UK : U.K.: London
1,224.40 p
+0.20 +0.02%
Volume: 2.15M
March 5, 2021 1:36p
P/E Ratio
10.71
Dividend Yield
6.53%
Market Cap
£61.14 billion
Rev. per Employee
N/A
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/zigman2/quotes/202630793/delayed
DE : Germany: Frankfurt
35.73
-0.19 -0.53%
Volume: 1,478
March 5, 2021 11:52a
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
N/A
Rev. per Employee
€121,156
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