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European Stocks Stumble as Investors Remain Nervous

European stocks were subdued on Monday as ongoing concerns over Brexit negotiations and U.S. tax reform plans continued to keep investors nervous.

Disappointing bank lending data from China also weighed on markets on a light day on the economic front.

The pan-European Stoxx Europe 600 index was down 0.30 percent at 387.52 in late opening deals after falling 0.4 percent on Friday to hit its lowest level since Oct. 25.

The German DAX was moving down 0.1 percent and France’s CAC 40 index was declining 0.2 percent while the U.K.’s FTSE 100 was rising 0.3 percent, helped by a weaker pound in the wake of reports that 40 Tory MPs are prepared to sign a letter of no confidence in leader Theresa May.

Italian telecommunications firm Telecom Italia lost 2.60 percent on reporting a drop in Q3 profit, hit by higher operating expenses.

French utility EDF plunged 8 percent after cutting its profit forecast for next year.

Dignity shares fell more than 4 percent after the British funeral operator warned of rising costs amid intense competition.

Coca Cola HBC lost 6 percent after a stock rating downgrade by research analysts at J P Morgan Chase & Co.

Higher copper prices helped lift mining stocks, with Anglo American and BHP Billiton rising about half a percent each. Rio Tinto advanced 0.7 percent after completing a $750m share buy-back.

British power generation and temperature control rental provider Aggreko rallied 2.5 percent after appointing Heath Drewett as its chief financial officer.

Housebuilder Taylor Wimpey gained 1 percent after reporting strong sales for the second half of 2017.

Swiss pharmaceutical company Novartis rose 0.8 percent after announcing collaboration with Homology Medicines to develop therapies for genetic blood and eye diseases.

Deutsche Post shares rose about 1 percent amid reports that the German logistics group aims to give its in-house StreetScooter electric delivery vehicles more autonomy.

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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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