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Oct. 8, 2019, 12:12 p.m. EDT

European stocks end lower on China worries, LSE stumbles

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By Steve Goldstein, MarketWatch


Getty Images
The London Stock Exchange fell as deal talks ended.

Banks felt the pain as European stocks ended lower on Tuesday, as worries over U.S.-China trade talks continued to weigh on sentiment.

The Stoxx Europe 600 /zigman2/quotes/210599654/delayed XX:SXXP +0.99%  slumped 1.1% to 378.71, with banks including Banco Santander /zigman2/quotes/205677933/delayed ES:SAN +5.55%   and BBVA /zigman2/quotes/209653399/delayed ES:BBVA +4.76%  losing ground.

The German DAX /zigman2/quotes/210597999/delayed DX:DAX +1.39%  skidded 1.05% to 11970.20, the French CAC 40 /zigman2/quotes/210597958/delayed FR:PX1 +1.80%  tumbled 1.18% to 5456.62 and the U.K. FTSE 100 /zigman2/quotes/210598409/delayed UK:UKX +0.90%  dropped 0.76% to 7143.15.

The U.S. on Monday announced a blacklist of a group of Chinese tech companies that develop facial recognition and other artificial intelligence technology that the U.S. says is being used to repress China’s Muslim minority groups.

“Ahead of Thursday’s U.S.-China trade talks, the timing of this may worry investors, as reducing the chances of even a partial trade deal,” said Paul Donovan, a UBS economist. Bloomberg also reported the U.S. was considering restrictions on pension funds wanting to invest in Chinese securities.

The U.S.-China trade war has had a negative impact on Europe, particularly export-oriented countries like Germany.

Of stocks in the spotlight, Qiagen /zigman2/quotes/208965936/delayed DE:QIA +0.70%  shares stumbled 21% as the diagnostics firm warned on third-quarter sales, announced the suspension of some development activities, said its CEO was leaving and announced a charge of as much as $265 million.

“There is much for the market to digest this morning and the shares will be in for a bumpy ride,” said Scott Bardo, an analyst at Berenberg who nonetheless says the firm is a buy. Bardo says it will either regroup or be acquired by a rival.

London Stock Exchange Group /zigman2/quotes/206625606/delayed UK:LSE -2.71%  shares stumbled 6% after Hong Kong Exchanges & Clearing /zigman2/quotes/200234512/delayed HK:388 +0.75%  ended its attempts to buy the LSE. It now needs to wait six months if it wants to bid again. The LSE had said it was opposed to the offer.

EasyJet /zigman2/quotes/202825892/delayed UK:EZJ +6.24%  shares ran into profit taking, falling 7.6%, after announcing full-year profits would be at the top end of expectations, second-half revenue per seat would be above guidance and fiscal first-quarter bookings were in line with last year. The stock is still up over 10% during the last three months.

/zigman2/quotes/210599654/delayed
XX : STOXX
369.86
+3.61 +0.99%
Volume: 0.00
June 5, 2020 12:28p
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/zigman2/quotes/205677933/delayed
ES : Spain: Madrid
2.40
+0.13 +5.55%
Volume: 53.06M
June 5, 2020 12:28p
P/E Ratio
8.91
Dividend Yield
3.38%
Market Cap
€37.70 billion
Rev. per Employee
€374,762
loading...
/zigman2/quotes/209653399/delayed
ES : Spain: Madrid
3.37
+0.15 +4.76%
Volume: 17.37M
June 5, 2020 12:27p
P/E Ratio
40.20
Dividend Yield
6.26%
Market Cap
€21.38 billion
Rev. per Employee
€180,879
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/zigman2/quotes/210597999/delayed
DAX
DX : Xetra Indices
12,602.97
+172.41 +1.39%
Volume: 59,674
June 5, 2020 12:28p
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/zigman2/quotes/210597958/delayed
FR : France: Euronext Paris
5,102.04
+90.06 +1.80%
Volume: 60,728
June 5, 2020 12:28p
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/zigman2/quotes/210598409/delayed
UK : FTSE UK
6,398.74
+57.30 +0.90%
Volume: 396,179
June 5, 2020 11:28a
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/zigman2/quotes/208965936/delayed
DE : Germany: Frankfurt
39.04
+0.27 +0.70%
Volume: 2,410
June 5, 2020 11:37a
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
N/A
Rev. per Employee
€257,072
loading...
/zigman2/quotes/206625606/delayed
UK : U.K.: London
8,046.00 p
-224.00 -2.71%
Volume: 106,059
June 5, 2020 11:27a
P/E Ratio
68.11
Dividend Yield
0.87%
Market Cap
£29.02 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/200234512/delayed
HK : Hong Kong
HK$ 294.20
+2.20 +0.75%
Volume: 7.17M
June 5, 2020 4:08p
P/E Ratio
41.07
Dividend Yield
2.28%
Market Cap
HK$369.25 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/202825892/delayed
UK : U.K.: London
885.00 p
+52.00 +6.24%
Volume: 4.42M
June 5, 2020 11:28a
P/E Ratio
10.07
Dividend Yield
4.96%
Market Cap
£3.30 billion
Rev. per Employee
N/A
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Steve Goldstein is MarketWatch markets editor for Europe. Follow him on Twitter: @MKTWgoldstein.

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