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Oct. 30, 2019, 6:49 a.m. EDT

Peugeot and Fiat Chrysler soar in otherwise lackluster European markets

Bank sector weighs on Stoxx Europe 600

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By Barbara Kollmeyer, MarketWatch


Getty Images
The PSA Peugeot Citroën assembly plant in Mulhouse, France (Photo: Michele Tantussi / Getty Images)

European stock market trading was mixed on Wednesday, subdued by disappointing reaction to bank-sector results, but balanced by gains for autos after Peugeot and Fiat Chrysler Automobiles confirmed merger discussions.

Investors were also hesitant ahead of a decision from the Federal Open Market Committee.

The Stoxx Europe 600 index /zigman2/quotes/210599654/delayed XX:SXXP +1.16% slipped 0.1% to 397.94, after halting a six-session winning streak on Tuesday and closing down 0.15% to 398.37.

The German DAX /zigman2/quotes/210223310/composite DAX +0.29%  declined 0.2% to 12906.09, the French CAC 40 /zigman2/quotes/210597958/delayed FR:PX1 +1.21%  was up 0.1% at 5735.56 and the U.K. FTSE 100 /zigman2/quotes/210598409/delayed UK:UKX +1.43%  fell 0.2% to 7289.15.

The S&P 500 /zigman2/quotes/210599714/realtime SPX +0.91%  retreated from a record high on Tuesday after an earnings miss from Alphabet /zigman2/quotes/202490156/composite GOOGL +0.94%  parent Google. Results from Apple /zigman2/quotes/202934861/composite AAPL +1.93%  and Facebook /zigman2/quotes/205064656/composite FB +0.85% are due after the close. Ahead of that, the market is waiting on a policy decision from the Federal Reserve, with expectations of a third straight interest-rate cut.

Read: Here’s how the stock market tends to perform after the Fed cuts interest rates 3 times in a row

On the data front, there was fresh evidence a slowdown in Germany is hitting the labor market. Jobless claims rose by 6,000 in October, after a revised fall of 9,000 in September, the German Federal Employment Agency said on Wednesday.

Among the big movers in Europe, shares of Fiat Chrysler Automobiles /zigman2/quotes/209202731/delayed IT:FCA +0.06%  jumped 7.8% and those of Peugeot /zigman2/quotes/203546414/delayed FR:UG +1.27%  surged 6% after the auto makers confirmed they were in discussions over a merger that could create a roughly $46 billion trans-Atlantic auto giant.

Fiat was exploring a merger with Renault /zigman2/quotes/200919924/delayed FR:RNO +0.67% , whose shares fell 2%, just a few months ago, but the deal collapsed after an intervention from the French government.

“Given that the French government also holds a major stake in Peugeot, of 14%, it is hard not to see that this attempt by Fiat might well go the same way as the failed Renault attempt earlier this year,” Michael Hewson, chief market analyst at CMC Markets, told clients in a note.

Volkswagen /zigman2/quotes/204309985/delayed DE:VOW3 +0.60%  shares rose 1% after posting gains in earnings and revenue, though the auto maker cut its full-year forecast for deliveries.

Banks were active, with Deutsche Bank /zigman2/quotes/203042512/composite DB +0.56%   /zigman2/quotes/205584254/delayed DE:DBK +0.85%  shares near the top of the decliners list, with a drop of nearly 6% after the German lender reported its second consecutive quarterly loss, as it continues to carry out a deep restructuring.

Shares of Credit Suisse /zigman2/quotes/205269278/delayed CH:CSGN +1.33%   /zigman2/quotes/202835784/composite CS +0.69%  fell 3% after the Swiss bank said third-quarter net profit more than doubled, beating expectations. But it also warned of a seasonal slowdown in the final quarter of the year.

Also weaker was Santander /zigman2/quotes/205677933/delayed ES:SAN +1.36%   /zigman2/quotes/202859081/composite SAN +0.51% , with shares down 2% after the Spanish lender reported a sharp profit fall due to a $1.65 billion charge related to its U.K. business.

Other shares on the move included Nestlé /zigman2/quotes/210131093/delayed NSRGY +0.92%   /zigman2/quotes/208115528/delayed CH:NESN +1.33% , up 1% after Bloomberg News reported the food group may consider selling controlling stakes in two underperforming Chinese units for more than $1 billion. A spokesman for Nestlé declined to comment to Bloomberg.

/zigman2/quotes/210599654/delayed
XX : STOXX
407.35
+4.69 +1.16%
Volume: 0.00
Dec. 6, 2019 5:50p
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/zigman2/quotes/210223310/composite
US : U.S.: Nasdaq
$ 27.69
+0.08 +0.29%
Volume: 1,229
Dec. 6, 2019 3:59p
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/zigman2/quotes/210597958/delayed
FR : France: Euronext Paris
5,871.91
+70.36 +1.21%
Volume: 75,933
Dec. 6, 2019 6:05p
loading...
/zigman2/quotes/210598409/delayed
UK : FTSE UK
7,239.66
+101.81 +1.43%
Volume: 502,614
Dec. 6, 2019 4:57p
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
3,145.91
+28.48 +0.91%
Volume: 1.70B
Dec. 6, 2019 5:07p
loading...
/zigman2/quotes/202490156/composite
US : U.S.: Nasdaq
$ 1,339.39
+12.43 +0.94%
Volume: 1.65M
Dec. 6, 2019 4:00p
P/E Ratio
28.74
Dividend Yield
N/A
Market Cap
$861.47 billion
Rev. per Employee
$1.39M
loading...
/zigman2/quotes/202934861/composite
US : U.S.: Nasdaq
$ 270.71
+5.13 +1.93%
Volume: 26.55M
Dec. 6, 2019 4:00p
P/E Ratio
22.84
Dividend Yield
1.14%
Market Cap
$1202.84 billion
Rev. per Employee
$1.98M
loading...
/zigman2/quotes/205064656/composite
US : U.S.: Nasdaq
$ 201.05
+1.69 +0.85%
Volume: 12.28M
Dec. 6, 2019 4:00p
P/E Ratio
32.11
Dividend Yield
N/A
Market Cap
$573.49 billion
Rev. per Employee
$1.57M
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/zigman2/quotes/209202731/delayed
IT : Italy: Milan
13.26
+0.0080 +0.06%
Volume: 6.30M
Dec. 6, 2019 5:35p
P/E Ratio
8.12
Dividend Yield
4.90%
Market Cap
€20.79 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/203546414/delayed
FR : France: Euronext Paris
21.51
+0.27 +1.27%
Volume: 2.79M
Dec. 6, 2019 5:36p
P/E Ratio
6.37
Dividend Yield
3.63%
Market Cap
€19.25 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/200919924/delayed
FR : France: Euronext Paris
41.82
+0.28 +0.67%
Volume: 1.19M
Dec. 6, 2019 5:36p
P/E Ratio
5.10
Dividend Yield
8.49%
Market Cap
€12.09 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/204309985/delayed
DE : Germany: Frankfurt
176.34
+1.06 +0.60%
Volume: 2,186
Dec. 6, 2019 8:58p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
N/A
Rev. per Employee
€354,929
loading...
/zigman2/quotes/203042512/composite
US : U.S.: NYSE
$ 7.22
+0.04 +0.56%
Volume: 2.12M
Dec. 6, 2019 6:30p
P/E Ratio
N/A
Dividend Yield
1.70%
Market Cap
$14.91 billion
Rev. per Employee
$493,032
loading...
/zigman2/quotes/205584254/delayed
DE : Germany: Frankfurt
6.52
+0.06 +0.85%
Volume: 12,293
Dec. 6, 2019 8:58p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
N/A
Rev. per Employee
€417,912
loading...
/zigman2/quotes/205269278/delayed
CH : Switzerland: SWX
CHF 12.99
+0.17 +1.33%
Volume: 6.54M
Dec. 6, 2019 5:30p
P/E Ratio
11.80
Dividend Yield
2.02%
Market Cap
CHF32.13 billion
Rev. per Employee
CHF728,043
loading...
/zigman2/quotes/202835784/composite
US : U.S.: NYSE
$ 13.08
+0.09 +0.69%
Volume: 1.35M
Dec. 6, 2019 6:30p
P/E Ratio
11.83
Dividend Yield
N/A
Market Cap
$32.36 billion
Rev. per Employee
$743,916
loading...
/zigman2/quotes/205677933/delayed
ES : Spain: Madrid
3.59
+0.05 +1.36%
Volume: 33.61M
Dec. 6, 2019 5:38p
P/E Ratio
8.70
Dividend Yield
5.20%
Market Cap
€59.53 billion
Rev. per Employee
€374,762
loading...
/zigman2/quotes/202859081/composite
US : U.S.: NYSE
$ 3.91
+0.02 +0.51%
Volume: 5.10M
Dec. 6, 2019 6:30p
P/E Ratio
8.31
Dividend Yield
6.48%
Market Cap
$64.93 billion
Rev. per Employee
$442,125
loading...
/zigman2/quotes/210131093/delayed
US : U.S.: OTC
$ 104.79
+0.95 +0.92%
Volume: 194,047
Dec. 6, 2019 3:59p
P/E Ratio
33.45
Dividend Yield
1.94%
Market Cap
$302.58 billion
Rev. per Employee
$303,353
loading...
/zigman2/quotes/208115528/delayed
CH : Switzerland: SWX
CHF 103.90
+1.36 +1.33%
Volume: 3.48M
Dec. 6, 2019 5:30p
P/E Ratio
33.32
Dividend Yield
2.36%
Market Cap
CHF300.01 billion
Rev. per Employee
CHF296,880
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Barbara Kollmeyer is an editor for MarketWatch in Madrid. Follow her on Twitter @bkollmeyer.

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