European Stocks Subdued as US Tax Reform Worries Investors

November 10, 2017
European Stocks Subdued as US Tax Reform Worries Investors

By Investors Hub

European stocks are subdued on Friday as U.S. tax reform worries and simmering Middle East tensions kept investors on the sidelines ahead of the weekend.

Broad-based dollar strength as well as encouraging U.K. industrial output and trade data have helped to limit overall losses to some extent.

While the German DAX Index is just below the unchanged line, the French CAC 40 Index is down by 0.2 percent and the U.K.’s FTSE 100 Index is down by 0.5 percent.

Leonardo shares have fallen sharply after the Italian high-tech company cut its 2017 forecast. British luxury brand Burberry Group has also moved to the downside after unveiling plans to move further upmarket.

French steel pipe maker Vallourec has tumbled despite the company posting turnaround results for the third quarter of 2017.

On the positive side, ArcelorMittal has jumped after the world’s largest producer of steel sounded upbeat about 2018 after posting a better than expected core profit for the third quarter.

Allianz Group has also risen after the German insurer announced a new 2 billion euro share buyback plan despite reporting a lower operating profit for the third quarter.

Modupe Gbadeyanka

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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