EUROPE MARKETS: European Stocks Slammed By Economic Concerns
October 02 2019 - 4:55AM
Dow Jones News
By Steve Goldstein, MarketWatch
European stocks on Wednesday were engulfed in red on concerns
over the state of the U.S. economy, the world's largest.
The Stoxx Europe 600 fell 0.84% to 384.73.
The German DAX dropped 0.92% to 12151.08, the French CAC 40
tumbled 1% to 5541.60 and the U.K. FTSE 100 slumped 1.12% to
7277.92.
U.S. stock futures were weaker after the 343-point downturn for
the Dow industrials on Tuesday, when the Institute for Supply
Management reported a downturn in its closely watched U.S.
manufacturing index to the worst level in more than a decade
(http://www.marketwatch.com/story/slumping-us-manufacturers-experience-worse-month-since-end-of-great-recession-ism-finds-2019-10-01).
Germany's leading economics research institutes jointly lowered
their economic forecasts, now seeing 0.5% growth in Europe's
leading economy instead of a previous forecast for 0.8% growth.
They also cut their view for growth next year to 1.1% from 1.8%.
The DIW, Ifo Institute, IfW, IWH and RWI cited falling worldwide
demand for capital goods as well as political uncertainty and
structural changes in the automotive industry for the
downgrade.
"The global manufacturing recession is global, in that it
includes the U.S. Some of it comes from China, and some of it comes
the White House but it's pretty global and while Germany is
suffering worse than anyone else, even the U.S. is feeling it,"
said Kit Juckes, global fixed income strategist at Societe
Generale.
Among the few risers was Grenke (GLJ.XE) , up 9% as the
financing firm raised its full-year new business forecast and
reported rising margins.
Flutter Entertainment shot up 14% as the company announced it
will buy Canada's The Stars Group (TSGI.T) in a stock swap in which
it will control nearly 55% of the combined firm. Flutter said the
deal will lift underlying earnings per share by at least 50% in the
first full year following completion, and its combined revenue of
GBP3.8 billion will make it the largest online betting and gaming
operator.
Tesco (TSCO.LN) rose 2% after announcing a first-half rise in
pretax profit and the departure of its chief executive. Read more
on Tesco
(http://www.marketwatch.com/story/tesco-reports-profit-rise-and-exit-of-ceo-dave-lewis-2019-10-02).
(END) Dow Jones Newswires
October 02, 2019 04:40 ET (08:40 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
Tesco (PK) (USOTC:TSCDY)
Historical Stock Chart
From Aug 2024 to Sep 2024
Tesco (PK) (USOTC:TSCDY)
Historical Stock Chart
From Sep 2023 to Sep 2024