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European Stocks Tumble after Trump’s Okays Jerusalem as Israeli Capital

By Investors Hub

European stocks have moved notably lower on Wednesday as weak commodity prices, worries over a possible U.S. government shutdown and U.S. President Donald Trump’s comments that he plans to move his country’s embassy to Jerusalem dented risk appetite and fueled demand for safe-haven assets.

The French CAC 40 Index is sliding by 0.6 percent and the German DAX Index is tumbling by 1.1 percent. However, the U.K.?s FTSE 100 Index has bucked the downtrend and inched up by 0.1 percent.

British insurance and travel specialist Saga has plunged after a profit warning. Furniture retailer Steinhoff has also moved sharply lower after its CEO Markus Jooste resigned amid allegations of irregularities in the company’s accounts that require further investigation.

The recent correction in copper prices on worries over rising inventories and doubts about Chinese demand pulled down mining stocks, with Anglo American, Antofagasta, BHP Billiton and Rio Tinto falling between 0.7 percent and 1.1 percent.

Meanwhile, Swiss nutrition, health and wellness giant Nestle SA has edged up marginally after agreeing to buy privately-held Atrium Innovations from a group of investors led by Permira Funds for $2.3 billion in cash.

Novo Nordisk has rallied after receiving FDA approval for a diabetes drug. Airline EasyJet has also moved higher after reporting 8 percent growth in passenger traffic for November.

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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