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Oct. 22, 2019, 5:15 a.m. EDT

European stocks edge back from 2019 highs

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By Steve Goldstein, MarketWatch


Reuters
Products produced by Reckitt Benckiser are seen in London.

European stocks weakened on Tuesday, as a generally solid set of corporate earnings from companies including Swiss bank UBS and aerospace group Saab wasn’t enough for traders to bid stocks to a new high.

After closing Monday at the highest level since May 22, 2018, the Stoxx Europe 600 /zigman2/quotes/210599654/delayed XX:SXXP +0.64%  weakened 0.31% to 392.98.

The index isn’t far from its record high of 414.06.

“With risks related to the trade war fading away, investors have switched their focus back to data and especially to corporate earnings which will provide them with more clues on how companies have dealt with the negative impacts of the U.S.-China trade disputes in the third quarter. The current earning season shows good results so far, which indicates there may be enough space for an extended rally on stocks before Christmas if the current risk-on trading stance continues,” said Pierre Veyret, a technical analyst at ActivTrades.

The German DAX /zigman2/quotes/210597999/delayed DX:DAX +0.60%  declined 0.02% to 12745.39, the French CAC 40 /zigman2/quotes/210597958/delayed FR:PX1 +0.68%  weakened 0.56% to 5616.94 and the U.K. FTSE 100 /zigman2/quotes/210598409/delayed UK:UKX +0.90%  declined 0.06% to 7159.32.

U.S. stock futures /zigman2/quotes/209948968/delayed ES00 -0.07%  were lower after a 57-point gain on Monday for the Dow Jones Industrial /zigman2/quotes/210598065/realtime DJIA -0.19%

With little on the economics front in Europe, corporate news was the main driver of action.

UBS /zigman2/quotes/206994749/delayed CH:UBSG +1.67%   /zigman2/quotes/206172872/composite UBS +0.85%  rose 1.2% as the Swiss bank reported a stronger than forecast third-quarter profit, helped by its wealth and asset management arms.

Reckitt Benckiser /zigman2/quotes/206856088/delayed UK:RB +2.09%  shares fell 4.4% as the consumer products giant cut its sales outlook for the year, citing a weak performance in its health division, which was hurt by light restocking of cold and flu products, as well as weakness for its Durex condom unit and Dettol anti-bacteria product unit.

Novartis /zigman2/quotes/203286410/delayed CH:NOVN +1.92%   /zigman2/quotes/203243705/composite NVS +0.99%  shares slipped 0.9%, after a nearly 14% gain this year. The Swiss drugmaker reported stronger-than-expected sales and operating profit in the third quarter, and increased its guidance for the year.

Aerospace group Saab /zigman2/quotes/205144954/delayed SE:SAAB.B -0.70%   jumped 5.3% after the company reported stronger earnings and sales than forecast.

Just Eat  jumped 23.9% to 730 pence after technology investor Prosus /zigman2/quotes/214038022/delayed NL:PRX +1.00%  launched a rival 710 pence a share bid for the U.K. delivery service. Takeaway.com /zigman2/quotes/201653805/delayed NL:TKWY +0.92%  , the rival Just Eat suitor, rose 4.7%.

Delivery Hero shares /zigman2/quotes/202519651/delayed DE:DHER -0.09%  rose 4.9%.

/zigman2/quotes/210599654/delayed
XX : STOXX
415.07
+2.63 +0.64%
Volume: 0.00
March 2, 2021 3:34p
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/zigman2/quotes/210597999/delayed
DAX
DX : Xetra Indices
14,096.53
+83.71 +0.60%
Volume: 30,432
March 2, 2021 3:34p
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/zigman2/quotes/210597958/delayed
FR : France: Euronext Paris
5,832.12
+39.33 +0.68%
Volume: 33,347
March 2, 2021 3:34p
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/zigman2/quotes/210598409/delayed
UK : FTSE UK
6,648.02
+59.49 +0.90%
Volume: 294,418
March 2, 2021 2:34p
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/zigman2/quotes/209948968/delayed
US : U.S.: CME
$ 3,896.25
-2.55 -0.07%
Volume: 368,064
March 2, 2021 8:39a
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
31,477.06
-58.45 -0.19%
Volume: 37.57M
March 2, 2021 9:49a
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/zigman2/quotes/206994749/delayed
CH : Switzerland: SWX
CHF 14.65
+0.24 +1.67%
Volume: 8.95M
March 2, 2021 3:34p
P/E Ratio
8.76
Dividend Yield
2.30%
Market Cap
CHF51.68 billion
Rev. per Employee
N/A
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/zigman2/quotes/206172872/composite
US : U.S.: NYSE
$ 15.95
+0.14 +0.85%
Volume: 152,852
March 2, 2021 9:49a
P/E Ratio
8.93
Dividend Yield
2.30%
Market Cap
$56.57 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/206856088/delayed
UK : U.K.: London
6,166.00 p
+126.00 +2.09%
Volume: 370,793
March 2, 2021 2:34p
P/E Ratio
37.08
Dividend Yield
2.83%
Market Cap
£43.07 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/203286410/delayed
CH : Switzerland: SWX
CHF 81.22
+1.53 +1.92%
Volume: 2.47M
March 2, 2021 3:34p
P/E Ratio
24.59
Dividend Yield
3.69%
Market Cap
CHF179.85 billion
Rev. per Employee
CHF431,707
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/zigman2/quotes/203243705/composite
US : U.S.: NYSE
$ 88.32
+0.87 +0.99%
Volume: 151,295
March 2, 2021 9:49a
P/E Ratio
25.02
Dividend Yield
2.48%
Market Cap
$196.84 billion
Rev. per Employee
$462,686
loading...
/zigman2/quotes/205144954/delayed
SE : Sweden: Stockholm
kr 226.40
-1.60 -0.70%
Volume: 279,667
March 2, 2021 3:33p
P/E Ratio
28.21
Dividend Yield
2.08%
Market Cap
kr30.15 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/214038022/delayed
NL : Netherlands: Euronext Amsterdam
101.10
+1.00 +1.00%
Volume: 486,831
March 2, 2021 3:34p
P/E Ratio
43.09
Dividend Yield
0.00%
Market Cap
€162.70 billion
Rev. per Employee
€146,038
loading...
/zigman2/quotes/201653805/delayed
NL : Netherlands: Euronext Amsterdam
81.24
+0.74 +0.92%
Volume: 397,848
March 2, 2021 3:34p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
€11.98 billion
Rev. per Employee
€86,944
loading...
/zigman2/quotes/202519651/delayed
DE : Germany: Frankfurt
108.00
-0.10 -0.09%
Volume: 712.00
March 2, 2021 1:17p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
N/A
Rev. per Employee
N/A
loading...

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

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