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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 -0.13%  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 -0.65%  declined 0.02% to 12745.39, the French CAC 40 /zigman2/quotes/210597958/delayed FR:PX1 +0.03%  weakened 0.56% to 5616.94 and the U.K. FTSE 100 /zigman2/quotes/210598409/delayed UK:UKX -0.70%  declined 0.06% to 7159.32.

U.S. stock futures /zigman2/quotes/209948968/delayed ES00 +0.15%  were lower after a 57-point gain on Monday for the Dow Jones Industrial /zigman2/quotes/210598065/realtime DJIA +0.10%

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

UBS /zigman2/quotes/206994749/delayed CH:UBSG -0.25%   /zigman2/quotes/206172872/composite UBS +0.33%  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 -0.51%  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 +0.31%   /zigman2/quotes/203243705/composite NVS +0.09%  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 +0.26%   jumped 5.3% after the company reported stronger earnings and sales than forecast.

Just Eat /zigman2/quotes/205192708/delayed UK:JE +0.97%  jumped 23.9% to 730 pence after technology investor Prosus /zigman2/quotes/214038022/delayed NL:PRX -0.90%  launched a rival 710 pence a share bid for the U.K. delivery service. Takeaway.com /zigman2/quotes/201653805/delayed NL:TKWY +2.16%  , the rival Just Eat suitor, rose 4.7%.

Delivery Hero shares /zigman2/quotes/202519651/delayed DE:DHER +0.27%  rose 4.9%.

/zigman2/quotes/210599654/delayed
XX : STOXX
402.66
-0.53 -0.13%
Volume: 0.00
Dec. 5, 2019 5:50p
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/zigman2/quotes/210597999/delayed
DAX
DX : Xetra Indices
13,054.80
-85.77 -0.65%
Volume: 54,216
Dec. 5, 2019 6:30p
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/zigman2/quotes/210597958/delayed
FR : France: Euronext Paris
5,801.55
+1.87 +0.03%
Volume: 73,424
Dec. 5, 2019 6:05p
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/zigman2/quotes/210598409/delayed
UK : FTSE UK
7,137.85
-50.65 -0.70%
Volume: 624,894
Dec. 5, 2019 4:56p
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/zigman2/quotes/209948968/delayed
US : U.S.: CME
$ 3,122.50
+4.80 +0.15%
Volume: 18,998
Dec. 5, 2019 6:59p
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
27,677.79
+28.01 +0.10%
Volume: 219.99M
Dec. 5, 2019 5:16p
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/zigman2/quotes/206994749/delayed
CH : Switzerland: SWX
CHF 11.80
-0.03 -0.25%
Volume: 11.04M
Dec. 5, 2019 5:31p
P/E Ratio
10.48
Dividend Yield
5.93%
Market Cap
CHF42.94 billion
Rev. per Employee
CHF688,257
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/zigman2/quotes/206172872/composite
US : U.S.: NYSE
$ 11.99
+0.04 +0.33%
Volume: 1.76M
Dec. 5, 2019 6:30p
P/E Ratio
10.61
Dividend Yield
5.73%
Market Cap
$43.39 billion
Rev. per Employee
$703,264
loading...
/zigman2/quotes/206856088/delayed
UK : U.K.: London
5,898.00 p
-30.00 -0.51%
Volume: 923,538
Dec. 5, 2019 4:35p
P/E Ratio
29.62
Dividend Yield
2.94%
Market Cap
£42.06 billion
Rev. per Employee
N/A
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/zigman2/quotes/203286410/delayed
CH : Switzerland: SWX
CHF 90.44
+0.28 +0.31%
Volume: 3.48M
Dec. 5, 2019 5:31p
P/E Ratio
17.87
Dividend Yield
3.15%
Market Cap
CHF206.28 billion
Rev. per Employee
CHF405,818
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/zigman2/quotes/203243705/composite
US : U.S.: NYSE
$ 91.64
+0.08 +0.09%
Volume: 1.24M
Dec. 5, 2019 6:30p
P/E Ratio
18.06
Dividend Yield
2.01%
Market Cap
$209.48 billion
Rev. per Employee
$415,614
loading...
/zigman2/quotes/205144954/delayed
SE : Sweden: Stockholm
kr 310.20
+0.80 +0.26%
Volume: 141,503
Dec. 5, 2019 5:29p
P/E Ratio
18.86
Dividend Yield
1.45%
Market Cap
kr41.10 billion
Rev. per Employee
kr1.94M
loading...
/zigman2/quotes/205192708/delayed
UK : U.K.: London
774.00 p
+7.40 +0.97%
Volume: 1.89M
Dec. 5, 2019 4:35p
P/E Ratio
133.45
Dividend Yield
N/A
Market Cap
£5.21 billion
Rev. per Employee
£161,688
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/zigman2/quotes/214038022/delayed
NL : Netherlands: Euronext Amsterdam
59.76
-0.54 -0.90%
Volume: 847,445
Dec. 5, 2019 5:35p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
€97.96 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/201653805/delayed
NL : Netherlands: Euronext Amsterdam
85.00
+1.80 +2.16%
Volume: 232,171
Dec. 5, 2019 5:35p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
€5.09 billion
Rev. per Employee
€86,944
loading...
/zigman2/quotes/202519651/delayed
DE : Germany: Frankfurt
48.45
+0.13 +0.27%
Volume: 0.00
Dec. 5, 2019 8:59p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
N/A
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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