Banco Santander (NYSE:SAN)
Historical Stock Chart
3 Months : From Sep 2019 to Dec 2019
By Steve Goldstein, MarketWatch
Banks felt the pain as European stocks ended lower on Tuesday, as worries over U.S.-China trade talks continued to weigh on sentiment.
The Stoxx Europe 600 slumped 1.1% to 378.71, with banks including Banco Santander (SAN.MC) and BBVA (BBVA.MC) losing ground.
The German DAX skidded 1.05% to 11970.20, the French CAC 40 tumbled 1.18% to 5456.62 and the U.K. FTSE 100 dropped 0.76% to 7143.15.
The U.S. on Monday announced a blacklist of a group of Chinese tech companies that develop facial recognition and other artificial intelligence technology that the U.S. says is being used to repress China's Muslim minority groups.
"Ahead of Thursday's U.S.-China trade talks, the timing of this may worry investors, as reducing the chances of even a partial trade deal," said Paul Donovan, a UBS economist. Bloomberg also reported the U.S. was considering restrictions on pension funds wanting to invest in Chinese securities.
The U.S.-China trade war has had a negative impact on Europe, particularly export-oriented countries like Germany.
Of stocks in the spotlight, Qiagen (QGEN) shares stumbled 21% as the diagnostics firm warned on third-quarter sales, announced the suspension of some development activities, said its CEO was leaving and announced a charge of as much as $265 million.
"There is much for the market to digest this morning and the shares will be in for a bumpy ride," said Scott Bardo, an analyst at Berenberg who nonetheless says the firm is a buy. Bardo says it will either regroup or be acquired by a rival.
London Stock Exchange Group (LSE.LN) shares stumbled 6% after Hong Kong Exchanges & Clearing (0388.HK) ended its attempts to buy the LSE. It now needs to wait six months if it wants to bid again. The LSE had said it was opposed to the offer.
EasyJet (EZJ.LN) shares ran into profit taking, falling 7.6%, after announcing full-year profits would be at the top end of expectations, second-half revenue per seat would be above guidance and fiscal first-quarter bookings were in line with last year. The stock is still up over 10% during the last three months.
(END) Dow Jones Newswires
October 08, 2019 12:12 ET (16:12 GMT)
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