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EUROPE MARKETS: European Stocks Edge Back From 2019 Highs

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10/22/2019 | 05:16am EDT

By Steve Goldstein, MarketWatch

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 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 declined 0.02% to 12745.39, the French CAC 40 weakened 0.56% to 5616.94 and the U.K. FTSE 100 declined 0.06% to 7159.32.

U.S. stock futures were lower after a 57-point gain on Monday for the Dow Jones Industrial .

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

UBS 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 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 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 (SAAB-B.SK) 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 launched a rival 710 pence a share bid for the U.K. delivery service. Takeaway , the rival Just Eat suitor, rose 4.7%.

Delivery Hero shares (DHER.FF) rose 4.9%.

Stocks mentioned in the article
ChangeLast1st jan.
CAC 40 0.33% 4220.96 Real-time Quote.-26.46%
DAX 0.27% 9570.82 Delayed Quote.-27.96%
DELIVERY HERO SE -3.75% 65.7 Delayed Quote.-3.26%
DJ INDUSTRIAL 1.16% 21188.53 Delayed Quote.-23.20%
EURO STOXX 50 0.31% 2688.49 Delayed Quote.-25.59%
JUST EAT PLC -0.14% 861 Delayed Quote.3.14%
JUST EAT TAKEAWAY.COM N.V. 0.95% 70.14 Delayed Quote.-15.47%
NASDAQ 100 0.99% 7561.908181 Delayed Quote.-10.53%
NASDAQ COMP. 0.67% 7411.144024 Delayed Quote.-14.18%
NOVARTIS 2.38% 80.78 Delayed Quote.-13.11%
PROSUS N.V. 1.08% 61.9 Delayed Quote.-7.95%
RECKITT BENCKISER GROUP PLC 1.21% 6194 Delayed Quote.-0.15%
S&P 500 1.21% 2500.61 Delayed Quote.-20.00%
UBS GROUP AG 1.81% 8.788 Delayed Quote.-26.00%
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