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March 6, 2019, 5:48 a.m. EST

Europe markets mixed as banks and autos feel the heat

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By Emily Horton

Europe’s markets were mixed on Wednesday, with banking and autos sectors under pressure and investors waiting for further details on a potential U.S./ China trade deal.

How are markets performing?

The Stoxx Europe 600 /zigman2/quotes/210599654/delayed XX:SXXP +0.26% was flat on at 375.69, after finishing up 0.15% on Tuesday.

The German DAX /zigman2/quotes/210223310/composite DAX -0.46% and France’s CAC 40 /zigman2/quotes/210597958/delayed FR:PX1 +0.02% both fell by 0.1%, dropping to 11,606.12 and 5,294.02, respectively.

But the FTSE 100 /zigman2/quotes/210598409/delayed UK:UKX +0.05% rose by 0.1% to 7,190.46, Italy’s FTSE MIB index /zigman2/quotes/210598024/delayed IT:I945 +0.83% was up by 0.2% to 20,752.10 and Spain’s IBEX 35 /zigman2/quotes/210597995/delayed XX:IBEX +0.27%  lifted 0.1% to 9,268.30.

The pound /zigman2/quotes/210561263/realtime/sampled GBPUSD -0.1128% fell to $1.3147 from $1.3177 late in New York on Tuesday. While the euro /zigman2/quotes/210561242/realtime/sampled EURUSD -0.2112% remained mostly flat fetching $1.1307.

What’s driving the markets?

The auto sector was under the investor microscope on after German auto parts maker Schaeffler AG /zigman2/quotes/207262541/delayed DE:SHA +2.95%  adjusted targets for 2020.

Meanwhile, banks came under heavy pressure after Tuesday’s reports that billions of Russian funds have allegedly been channeled via Lithuanian financial institutions to banks that include those in the Netherlands. Shares of Dutch lenders ABN AMRO /zigman2/quotes/209088556/delayed NL:ABN -1.15%  and ING /zigman2/quotes/203351007/delayed NL:INGA +0.40% , among others, fell.

Elsewhere, investors are anticipating further trade deal developments after Monday’s media flurry that an agreement between U.S. and China will soon be reached.

What stocks are active?

Legal & General Group PLC /zigman2/quotes/201125471/delayed UK:LGEN +0.38%   lost 4%, despite announcing a profit rise in 2018. “Shares have slid back from three year highs in early trading, no doubt due to some profit-taking, after a 24% rise from the lows we saw in December,” said Michael Hewson, chief market analyst at CMC Markets U.K., in a note.

Another of Europe’s biggest losers was the online food-deliver company Just Eat PLC,  which fell by 4% amid increasing delivery costs outlined in the group’s earnings.

“Just Eat are trying to work with the same sort of branded restaurants their rivals are targeting, and offering their own delivery offering. None of this comes cheaply, and the costs are holding profits back,” said Steve Clayton, manager of the Hargreaves Lansdown’s select funds.

British American Tobacco PLC /zigman2/quotes/209116881/delayed UK:BATS +0.21%  added 4%, reclaiming some of its loses after Monday’s dip, while in Tullow Oil PLC /zigman2/quotes/205079109/delayed UK:TLW +0.63%   rose 3%.

/zigman2/quotes/210599654/delayed
XX : STOXX
455.17
+1.19 +0.26%
Volume: 0.00
Jan. 27, 2023 11:03p
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/zigman2/quotes/210223310/composite
US : U.S.: Nasdaq
$ 28.40
-0.13 -0.46%
Volume: 8,199
Jan. 27, 2023 4:15p
loading...
/zigman2/quotes/210597958/delayed
FR : France: Euronext Paris
7,097.21
+1.22 +0.02%
Volume: 68,167
Jan. 27, 2023 6:05p
loading...
/zigman2/quotes/210598409/delayed
UK : FTSE UK
7,765.15
+4.04 +0.05%
Volume: 568,906
Jan. 27, 2023 4:56p
loading...
/zigman2/quotes/210598024/delayed
IT : Borsa Italiana
26,435.75
+218.19 +0.83%
Volume: 0.00
Jan. 27, 2023 5:35p
loading...
/zigman2/quotes/210597995/delayed
XX : Spain: Madrid
9,060.20
+24.60 +0.27%
Volume: 0.00
Jan. 27, 2023 5:38p
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/zigman2/quotes/210561263/realtime/sampled
US : Tullett Prebon
1.2396
-0.0014 -0.1128%
Volume: 0.0000
Jan. 27, 2023 4:59p
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/zigman2/quotes/210561242/realtime/sampled
US : Tullett Prebon
1.0869
-0.0023 -0.2112%
Volume: 0.0000
Jan. 27, 2023 4:59p
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/zigman2/quotes/207262541/delayed
DE : Germany: Frankfurt
6.64
+0.19 +2.95%
Volume: 3,080
Jan. 27, 2023 10:59p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
N/A
Rev. per Employee
€153,993
loading...
/zigman2/quotes/209088556/delayed
NL : Netherlands: Euronext Amsterdam
15.03
-0.18 -1.15%
Volume: 2.30M
Jan. 27, 2023 5:35p
loading...
/zigman2/quotes/203351007/delayed
NL : Netherlands: Euronext Amsterdam
13.11
+0.05 +0.40%
Volume: 11.60M
Jan. 27, 2023 5:36p
P/E Ratio
N/A
Dividend Yield
5.05%
Market Cap
€48.10 billion
Rev. per Employee
€281,993
loading...
/zigman2/quotes/201125471/delayed
UK : U.K.: London
260.80 p
+1.00 +0.38%
Volume: 6.25M
Jan. 27, 2023 4:35p
P/E Ratio
7.68
Dividend Yield
7.17%
Market Cap
£15.43 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/209116881/delayed
UK : U.K.: London
3,036.50 p
+6.50 +0.21%
Volume: 2.01M
Jan. 27, 2023 4:35p
P/E Ratio
12.88
Dividend Yield
7.17%
Market Cap
£67.56 billion
Rev. per Employee
£506,782
loading...
/zigman2/quotes/205079109/delayed
UK : U.K.: London
38.16 p
+0.24 +0.63%
Volume: 6.78M
Jan. 27, 2023 4:35p
P/E Ratio
7.85
Dividend Yield
0.00%
Market Cap
£545.90 million
Rev. per Employee
£2.98M
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