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EUROPE MARKETS: European Stocks Flounder As Traders Look To Saudi Arabia And Fed For Direction

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09/17/2019 | 05:44am EDT

By Steve Goldstein, MarketWatch

European stocks on Tuesday floundered for direction, though oil producers remained well bid as oil futures held onto a lion's share of the advance after the attack in Saudi Arabia.

The Stoxx Europe 600 weakened 0.12% to 389.06, with banks, insurers and metals producers losing ground.

Oil producers including Total and BP however advanced, as Brent crude fell only slightly following the biggest one-day gain on record.

The German DAX dropped 0.13% to 12363.78, the French CAC 40 rose 0.12% to 5608.94 and the U.K. FTSE 100 rose 0.14% to 7331.62.

Traders were still looking for further clues as to what happened in Saudi Arabia -- and whether the country blames fellow OPEC member Iran, as U.S. officials have done. The Federal Reserve meanwhile starts its two-day meeting.

With a host of U.S. economic data on tap, the ZEW indicator of economic sentiment in Germany rose 21.6 points to a -22.5 reading in September. Economists polled by FactSet had forecast a reading of -37.9.

Of companies in the spotlight, investors soured on Husqvarana's (HUSQ-B.SK) capital markets day, in which the chainsaw and lawn mower maker fell over 5% as it set out targets for sales growth between 4% and 5% on operating margins above 10%. The company's operating margin, adjusted for comparability, was 8.9% over the 12 months ending June.

European e-commerce company Zalando slumped after Swedish investment firm Kinnevik (KINV-B.SK) said it sold a 5.2% stake.

Stocks mentioned in the article
ChangeLast1st jan.
BP PLC 0.78% 502.6 Delayed Quote.0.65%
CAC 40 -0.61% 5623.19 Real-time Quote.19.14%
CAC 40 INDEX FUTURE (FCE) - LIF/C1 -0.63% 5621 Delayed Quote.19.37%
DAX -0.01% 12761.43 Delayed Quote.20.79%
EURO STOXX 50 -0.44% 3591.4 Delayed Quote.19.26%
FTSE 100 INDEX 0.28% 7234.11 End-of-day quote.0.00%
TOTAL -0.35% 47.04 Real-time Quote.2.18%
ZALANDO -2.25% 41.31 Delayed Quote.88.15%
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