European Shares Subdued On Chinese Demand Concerns

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(RTTNews) - European stocks were subdued on Monday after three straight sessions of gains.

A cautious undertone prevailed as an attempt on former U.S. President Donald Trump's life injected fresh uncertainty into an already tumultuous presidential campaign.

On the positive side, Eurostat data showed industrial production in the euro area fell less than expected in May.

Seasonally adjusted industrial production decreased by 0.6 percent in the month while analysts expected a 1.0 percent decline.

The pan European STOXX 600 was down 0.1 percent at 523.40 after climbing 0.9 percent on Friday.

The German DAX slid 0.2 percent, France's CAC 40 shed 0.3 percent and the U.K.'s FTSE 100 was marginally lower.

China-related LVMH fell 1.7 percent, Hermes International gave up 1 percent and Kering lost nearly 4 percent after data showed China's economy grew much slower than expected in the second quarter.

Communications technologist Ericsson fell 2.1 percent after it struck a multi-year cross-licensing patent agreement with handset vendor Oppo.

Swatch shares plunged nearly 11 percent. The Swiss manufacturer of watches and jewelry reported a decline in sales for the first half due to a sharp drop in demand for luxury goods in China.

British online grocer and tech company Ocado plummeted 8.6 percent as broker Bernstein downgraded the stock to 'underperform'.

ME Group International, a vending machine operator, rose 1.1 percent after reporting a robust performance for the six months ending 30 April 2024.

Brunner Investment Trust added 1 percent after reporting a rise in half-year profit. Robert Walters declined 2.3 percent. The recruitment company has reported a decline in gross profit over the first half of the year and warned that tough macro conditions are likely to last longer than expected.

BayWa AG, a trading logistics, and supplementary services provider, plummeted 32 percent after saying it has sought a restructuring opinion in response to a challenging financing situation.

Medical software firm CompuGroup Medical rose 1.5 percent after reporting its Q2 results.

Nordex Group shares fell 2.7 percent after an update that it has secured 3,357 MW of orders in its Projects segment, excluding service business, in the first half of 2024.

Canadian Market Slightly Lower In Cautious Trade

Canadian stocks are turning in a mixed performance on Wednesday with investors largely reacting to earnings announcements, and U.S. economic data. Materials stocks are among the notable losers, while consumer staples and utilities shares are finding good support.

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German Inflation Climbs More Than Expected Dampening Bigger Rate Cut Hopes

Consumer price inflation in Germany increased more than expected to its highest level in three months in October and the core figure moved closer to 3 percent, damping expectations for a bigger size interest rate cut from the European Central Bank.

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Swiss Market Ends Notably Lower

The Switzerland market ended notably lower on Wednesday after languishing in negative territory right through the day's session, as investors reacted to weak economic data, digested a slew of corporate earnings announcements, and looked ahead to some key U.S. economic data due later in the week.

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U.S. Dollar Retreats As GDP Growth Slows

The U.S. dollar pulled back against its major counterparts in the New York session on Wednesday, as a slowdown in GDP growth outweighed optimism about strong ADP data.

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European Stocks Close Lower As Investors React To Economic Data, Earnings Updates

European stocks closed weak on Wednesday, with investors reacting to a slew of economic data from the region, the UK budget, and corporate earnings updates, in addition to closely tracking U.S. economic data and following the developments on the geopolitical front.

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U.S. Pending Home Sales Spike Much More Than Expected In September

Pending home sales in the U.S. spiked by much more than expected in the month of September, according to a report released by the National Association of Realtors on Wednesday. NAR said its pending home sales index soared by 7.4 percent to 75.8 in September after climbing by 0.6 percent to 70.6 in August. Economists had expected pending home sales to jump by 1.1 percent.

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GSK Q3 Results Down, Sees FY24 Outlook At Mid Range; Stock Drops

Shares of GSK plc were losing more than 4 percent on the London Stock Exchange as well as in the early morning trading on the NYSE after the British drug maker reported Wednesday sharply lower profit in its third quarter on $2.3 billion charge on Zantac settlement, as well as weak revenues. Further, GSK confirmed its fiscal 2024 outlook for earnings, core profit and sales.

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U.S. Economic Growth Unexpectedly Slows Modestly In Q3

A report released by the Commerce Department on Wednesday showed U.S. economic growth unexpectedly slowed in the third quarter. The Commerce Department said gross domestic product shot up by 2.8 percent in the third quarter after surging by 3.0 percent in the second quarter. Economists had expected another 3.0 percent jump.

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EURUSD	1.08602	GBPUSD	1.2973	AUDUSD	0.65775
USDJPY	153.374	USDCAD	1.38963	USDCHF	0.86649