Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Markets

News : Markets
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors 

European shares dragged down by Tullow Oil and weak China export data

share with twitter share with LinkedIn share with facebook
share via e-mail
0
12/09/2019 | 12:19pm EST
The German share price index DAX graph is pictured at the stock exchange in Frankfurt

European stocks slipped on Monday, dragged down by a slump in shares of Tullow Oil after its chief executive stepped down and the oil and gas explorer scrapped its dividend, while weak data out of China also weighed on sentiment.

Shares in Tullow, which continues to face issues at its main producing assets in Ghana, hit a 19-year low following the announcements.

The broader energy index shed 1%, the most among the European sub-sectors, as crude prices fell [O/R]. The pan-European STOXX 600 index lost 0.2%, following a more than 1% gain on Friday after a robust U.S. jobs report.

On Monday, data from China showed exports in November shrank for the fourth straight month, the latest sign that the world's second-largest economy continues to reel from the impact of a prolonged trade war with the United States.

"(The China data) is obviously not ideal for the exports market and trade overall. So, trade concerns are certainly back," said head of equities Roger Jones, and senior equity analyst Renata Klita, at asset manager London & Capital.

Washington an Beijing have been engaged in discussions since October to strike an initial trade deal ahead of the next set of U.S. tariffs on Chinese goods that are to take effect on Dec. 15.

There is also some market caution going into big events in the market this week, including U.S. and European central bank meetings as well as British parliamentary elections, Jones and Klita added.

Recent opinion polls indicate British Prime Minister Boris Johnson's Conservative Party holds a significant lead over the Labour Party. If Johnson gains a parliamentary majority, he can win ratification for his Brexit deal, ending three-and-a-half years of political paralysis.

Healthcare heavyweights Sanofi and Roche were among the biggest drags on shares amid takeover attempts of Synthorx and Spark Therapeutics, respectively.

French stocks lost half a percent as the country's finance minister said they were ready to go to the World Trade Organization to challenge U.S. President Donald Trump's threat to impose tariffs on champagne and other French goods in a row over a French tax on internet companies.

Limiting losses on the STOXX 600 was a 4.6% jump in British retailer Tesco after the company said it might sell its Asian businesses, while Osram rose 14.9% on speculation that sensor specialist AMS could make a higher offer to buy out the German company.

(Additional reporting by Medha Singh and Lisa Pauline Mattackal in Bengaluru, Editing by Sherry Jacob-Phillips, Rashmi Aich and Pravin Char)

By Susan Mathew and Arjun Panchadar

Stocks mentioned in the article
ChangeLast1st jan.
AMS -2.18% 42.53 Delayed Quote.10.47%
EURO STOXX 50 -0.40% 3782.47 Delayed Quote.1.69%
OSRAM LICHT AG -0.35% 45.65 Delayed Quote.3.74%
ROCHE HOLDING AG 0.27% 329 Delayed Quote.4.44%
SANOFI -0.56% 91.39 Real-time Quote.2.54%
SPARK THERAPEUTICS, INC. 0.00%End-of-day quote.0.00%
STOXX EUROPE 600 -0.26% 422.77 Delayed Quote.2.10%
SYNTHORX, INC. -0.04% 68.0022 Delayed Quote.-2.66%
TESCO PLC -0.53% 244.8 Delayed Quote.-3.53%
TULLOW OIL -1.60% 52.86 Delayed Quote.-15.88%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news "Markets"
10:39aEuropean Luxury, Airline Stocks Suffer Blow Amid Chinese Outbreak
DJ
10:12aWALL STREET STOCK EXCHANGE : U.S. Stocks Fall on China Virus Fears
DJ
09:58aTSX slips from record high as oil, gold stocks weigh
RE
09:56aWALL STREET STOCK EXCHANGE : U.S. Stocks Open Lower on China Virus Fears
DJ
09:03aStocks to Watch: Delta, American Airlines, Halliburton, Uber
DJ
08:30aGlobal Stocks Drop Amid Outbreak of Deadly Virus in China
DJ
08:15aWALL STREET STOCK EXCHANGE : S&P 500, Nasdaq Futures -- Technical Analysis
DJ
06:59aGlobal Stocks Drop Amid Outbreak of Deadly Virus in China
DJ
06:08aGlobal Stocks Drop Amid Outbreak of Deadly Virus in China
DJ
05:28aGlobal Stocks Drop Amid Outbreak of Deadly Virus in China
DJ
Latest news "Markets"