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EUROPE MARKETS: European Stocks Slink Back On Warier View Of U.S.-China, Brexit Talks

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10/14/2019 | 11:41am EST

By Steve Goldstein, MarketWatch

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 declined 0.50% to 389.67, with metals producers such as Rio Tinto and banks including BBVA (BBVA.MC) losing ground.

The German DAX declined 0.2% to 12486.56, the French CAC 40 declined 0.40% to 5643.08 and the U.K. FTSE 100 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 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 fell 2.3% and the Royal Bank of Scotland fell 1.4%.

Stocks mentioned in the article
ChangeLast1st jan.
BANCO BILBAO VIZCAYA ARGENTARIA, S.A. 0.58% 4.7675 End-of-day quote.2.85%
BNP PARIBAS 0.58% 50.63 Real-time Quote.28.26%
CAC 40 0.65% 5939.27 Real-time Quote.24.74%
CAC 40 INDEX FUTURE (FCE) - LIF/C1 0.47% 5929 Delayed Quote.25.41%
DAX 0.47% 13241.75 Delayed Quote.25.41%
EURO / BRITISH POUND (EUR/GBP) 0.11% 0.8564 Delayed Quote.-4.87%
EURO STOXX 50 0.62% 3711.61 Delayed Quote.22.90%
FTSE 100 INDEX 0.28% 7234.11 End-of-day quote.0.00%
LLOYDS BANKING GROUP 0.82% 59.17 Delayed Quote.14.12%
LME COPPER CASH 0.21% 5835 End-of-day quote.-0.07%
LME ZINC CASH -0.97% 2458 End-of-day quote.-0.16%
RIO TINTO GROUP 1.28% 93.54 End-of-day quote.17.70%
RIO TINTO PLC 1.32% 4145.5 Delayed Quote.11.38%
SILVER -0.30% 16.94 Delayed Quote.9.93%
STOXX EUROPE 600 0.40% 406.04 Delayed Quote.19.77%
STOXX EUROPE 600 NR 0.40% 875.21 Delayed Quote.23.18%
THE ROYAL BANK OF SCOTLAND GROUP PLC 1.54% 224.7 Delayed Quote.3.69%
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