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Dec. 10, 2019, 5:34 a.m. EST

European stocks drop for seventh time in nine sessions

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By Steve Goldstein, MarketWatch

Associated Press
The German share price index DAX graph at the stock exchange in Frankfurt

European stocks lost ground on Tuesday for the seventh time in nine sessions, with the perilous state of U.S.-China trade talks worrying traders.

The Stoxx Europe 600 /zigman2/quotes/210599654/delayed XX:SXXP +0.26%  skidded 1.14% to 401.77.

The German DAX /zigman2/quotes/210597999/delayed DX:DAX +0.11%  fell 1.41% to 12,920.77, the French CAC 40 /zigman2/quotes/210597958/delayed FR:PX1 +0.02% 0.93% to 5,782.88 and the U.K. FTSE 100 /zigman2/quotes/210598409/delayed UK:UKX +0.05%  slumped 1.23% to 7,145.14.

U.S. stock futures /zigman2/quotes/209948968/delayed ES00 -0.0061% were also lower.

The main concern for markets is the state of U.S.-China trade talks, though the upcoming interest-rate decisions from the U.S. Federal Reserve and European Central Bank, as well as Dec. 12 general election in the U.K., are also being eyed.

Data released on Tuesday showed the U.K. economy was flat in the three months ending October. The U.K. Office for National Statistics reported drops in industrial production and construction output in October.

Better news came as the ZEW indicator of economic sentiment in Germany turned positive in December, rising to the highest level in 21 months.

Sanofi shares /zigman2/quotes/206928357/delayed FR:SAN -0.19%  rose 5% as the French drugmaker, hours after announcing a $2.5 billion deal to buy a biotech, set targets for a 2022 operating margin of 30% and a 2025 operating margin of more than 32%. Sanofi said it would focus on the eczema drug Dupixent and vaccines to drive growth. Sanofi also announced plans for its consumer healthcare division to be a “standalone business unit,” implying a possible sale.

Shares of Ashtead Group /zigman2/quotes/200232063/delayed UK:AHT +1.82%  slumped 7.6% as the industrial equipment rental company said its results for the year would be in line with expectations, apart from its U.K. business and a currency headwind. Analysts at investment bank Jefferies reduced estimates for Ashtead’s earnings per share in fiscal 2020 by 5% and cut them for fiscal 2021 by 9%.

Ted Baker shares tumbled 11%, taking 2019 losses to 77%, as the clothing retailer said it was suspending its dividend following a 3.9% drop in comparable revenue at constant exchange rates in the 17 weeks ending Dec. 7. Chief executive Lindsay Page and Chairman David Bernstein both resigned.

+1.19 +0.26%
Volume: 0.00
Jan. 27, 2023 11:03p
DX : Xetra Indices
+17.18 +0.11%
Volume: 0.00
Jan. 27, 2023 6:30p
FR : France: Euronext Paris
+1.22 +0.02%
Volume: 68,167
Jan. 27, 2023 6:05p
+4.04 +0.05%
Volume: 568,906
Jan. 27, 2023 4:56p
US : U.S.: CME
$ 4,084.00
-0.25 -0.0061%
Volume: 1.53M
Jan. 27, 2023 3:59p
FR : France: Euronext Paris
-0.17 -0.19%
Volume: 1.67M
Jan. 27, 2023 5:39p
P/E Ratio
Dividend Yield
Market Cap
€112.17 billion
Rev. per Employee
UK : U.K.: London
5,364.00 p
+96.00 +1.82%
Volume: 628,977
Jan. 27, 2023 4:35p
P/E Ratio
Dividend Yield
Market Cap
£23.48 billion
Rev. per Employee

Steve Goldstein is MarketWatch markets editor for Europe. Follow him on Twitter: @MKTWgoldstein.

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