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European Stocks See Modest Weakness as Euro Surges

By Investors Hub

European stocks are seeing modest weakness on the day as the euro has surged and investors await the release of minutes of the September Federal Reserve policy meeting later today for clues on the interest rate outlook.

The euro hit a two-week high against the dollar after Catalan leader Carles Puigdemont refrained from making a formal declaration of the region’s independence on Tuesday.

While the German DAX Index is just below the unchanged line, the U.K.’s FTSE 100 Index is down by 0.1 percent and the French CAC 40 Index is down by 0.3 percent.

Unilever shares have risen after the company launched a 450 million euro buyback of its Dutch preference shares.

German drug delivery devices maker Gerresheimer has also moved to the upside after unveiling its third-quarter results.

GEA Group shares have jumped after activist investor Paul Singer bought a stake of just over 3 percent in the food processing machinery firm.

Similarly, Smith & Nephew has also after Paul Singer’s hedge fund Elliott Management reportedly built a stake in the medical device maker.

Meanwhile, Mondi shares have plunged in London after the company said its annual results would be slightly lower than analysts’ expectations.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN’s Richard Quest and Christiane Amanpour.

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