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European Stocks Close Mixed as Investors Remain Cautious

By Investors Hub

European shares were mixed on Tuesday, with dollar weakness and disappointing business confidence figures from Germany keeping investors cautious ahead of the U.S. House vote on the tax bill later today.

Germany’s business confidence weakened in December, survey results from Ifo institute showed. The business sentiment index fell to 117.2 from November’s original estimate of 117.5.Economists had forecast the indicator to rise to 117.6 in December.

The pan-European Stoxx Europe 600 index was up 0.2 percent at 393.31 in late opening deals after rallying 1.2 percent the previous day.

The German DAX was little changed and France’s CAC 40 was marginally lower, while the U.K.’s FTSE 100 was moving up 0.2 percent.

Intrum Justitia lost over 6 percent amid reports its CEO is leaving the company.

Similarly, Hostelworld Group fell 2 percent in London after its Chief Financial Officer Mari Hurley decided to resign to pursue a new opportunity outside the company.

Old Mutual shares jumped 3.5 percent. The Anglo-South African financial services group is selling its U.K. wealth business run by veteran fund manager Richard Buxton to a private equity firm for 600 million pounds.

Sodexo shares were up nearly 1 percent in Paris. The French group on Monday announced its partnership with India’s largest food ordering and delivery platform Swiggy.

German fashion house Hugo Boss rose about 1 percent after its CEO Mark Langer told the Frankfurter Allgemeine Zeitung newspaper that the company’s sales growth will outperform the market in 2018.

Deutsche Lufthansa advanced 1.5 percent after announcing plans to launch revenue-based loyalty programs.

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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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