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Oct. 14, 2019, 11:41 a.m. EDT

European stocks slink back on warier view of U.S.-China, Brexit talks

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By Steve Goldstein, MarketWatch


Bloomberg
A customer leaves a branch of the BBVA bank in Madrid.

European stocks took a step backward on Monday as traders took more skeptical assessments on the prospect of a U.S.-China trade pact and a deal for Britain to leave the European Union.

After a strong 3% gain last week, the Stoxx Europe 600 /zigman2/quotes/210599654/delayed XX:SXXP -0.40%  declined 0.50% to 389.67, with metals producers such as Rio Tinto /zigman2/quotes/208934945/delayed UK:RIO -1.18%  and banks including BBVA /zigman2/quotes/209653399/delayed ES:BBVA +0.74%  losing ground.

The German DAX /zigman2/quotes/210597999/delayed DX:DAX -0.16%  declined 0.2% to 12486.56, the French CAC 40 /zigman2/quotes/210597958/delayed FR:PX1 -0.22%  declined 0.40% to 5643.08 and the U.K. FTSE 100 /zigman2/quotes/210598409/delayed UK:UKX -0.33%  dropped 0.46% to 7213.45.

U.S. stocks were narrowly higher at the time of the European close, after a 320-point surge in the Dow industrials /zigman2/quotes/210598065/realtime DJIA -0.20%   on Friday.

On Friday, U.S. President Donald Trump announced what he called a Phase I agreement that will delay an increase in tariffs, increase Chinese agricultural purchases and address foreign currency levels. Even that agreement is only in principle and not set out in writing.

China characterized what had been agreed to as progress rather than a deal.

“While the partial deal points to possible progress in more challenging elements of U.S.–China trade and commercial relations, we think the risks of a breakdown will rise once talks move on to highly contentious issues,” said analysts at BNP Paribas.

U.K. banks also cooled off after Friday’s rally after European Union negotiators said they would ”intensify” discussions on a mutually agreed pact for Britain to exit from the bloc. After surges of roughly 12% each on Friday, Lloyds Banking Group /zigman2/quotes/202285510/delayed UK:LLOY -0.69%   fell 2.3% and the Royal Bank of Scotland /zigman2/quotes/209265718/delayed UK:RBS -0.81%   fell 1.4%.

/zigman2/quotes/210599654/delayed
XX : STOXX
402.22
-1.60 -0.40%
Volume: 0.00
Nov. 21, 2019 5:50p
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/zigman2/quotes/208934945/delayed
UK : U.K.: London
4,097.00 p
-49.00 -1.18%
Volume: 2.01M
Nov. 21, 2019 4:35p
P/E Ratio
6.73
Dividend Yield
7.54%
Market Cap
£67.56 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/209653399/delayed
ES : Spain: Madrid
4.76
+0.04 +0.74%
Volume: 13.93M
Nov. 21, 2019 5:38p
P/E Ratio
6.77
Dividend Yield
4.42%
Market Cap
€31.44 billion
Rev. per Employee
€180,879
loading...
/zigman2/quotes/210597999/delayed
DAX
DX : Xetra Indices
13,137.70
-20.44 -0.16%
Volume: 74,515
Nov. 21, 2019 6:30p
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/zigman2/quotes/210597958/delayed
FR : France: Euronext Paris
5,881.21
-12.82 -0.22%
Volume: 0.00
Nov. 21, 2019 6:05p
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/zigman2/quotes/210598409/delayed
UK : FTSE UK
7,238.55
-23.94 -0.33%
Volume: 0.00
Nov. 21, 2019 4:59p
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
27,766.29
-54.80 -0.20%
Volume: 232.02M
Nov. 21, 2019 4:58p
loading...
/zigman2/quotes/202285510/delayed
UK : U.K.: London
58.70 p
-0.41 -0.69%
Volume: 103.92M
Nov. 21, 2019 4:35p
P/E Ratio
10.97
Dividend Yield
5.55%
Market Cap
£41.38 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/209265718/delayed
UK : U.K.: London
220.80 p
-1.80 -0.81%
Volume: 8.28M
Nov. 21, 2019 4:35p
P/E Ratio
13.30
Dividend Yield
7.93%
Market Cap
£26.89 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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