European stocks lost ground on Tuesday for the seventh time in nine sessions, with the perilous state of U.S.-China trade talks concerning traders.
The Stoxx Europe 600
skidded 1.14% to 401.77.
The German DAX
skidded 1.41% to 12920.77, the French CAC 40
declined 0.93% to 5782.88 and the U.K. FTSE
slumped 1.23% to 7145.14.
U.S. stock futures
also were lower.
The main concern for markets is the state of U.S.-China trade talks, though the upcoming interest-rate decisions from the U.S. Federal Reserve and European Central Bank, as well as Dec. 12 general election in the U.K., also are being eyed.
Data released Tuesday showed the U.K. economy was flat in the three months ending October. The U.K. Office for National Statistics also reported as drops in industrial production and construction output in October.
rose 5% as the French drugmaker, hours after announcing a $2.5 billion deal to buy a biotech, set targets for a 2022 operating margin of 30% and a 2025 operating margin of more than 32%. Sanofi said it would focus on the eczema drug Dupixent and vaccines to drive growth. Sanofi also announced plans for its consumer healthcare division to be a “standalone business unit,” implying a possible sale.
Shares of Ashtead Group
slumped 7.6% as the equipment rental company said its results for the year would be in line with expectations, apart from its U.K. business and a currency headwind. Analysts at Jefferies reduced estimates for Ashtead’s earnings per share in fiscal 2020 by 5% and cut them for fiscal 2021 by 9%.
shares tumbled 11% — taking 2019 losses to 77% — as the retailer said it was suspending its dividend following a 3.9% drop in comparable revenue at constant exchange rates in the 17 weeks ending Dec. 7. CEO Lindsay Page and Chairman David Bernstein both resigned.