Europe close: Stocks dip amid low trading volumes, lack of catalysts
19-02-2018 18:59
European shares slipped into the red as investors looked for something to chew on with US and China markets both closed.
By the closing bell, the Stoxx Europe 600 index was down 0.63% to 378.24, alongside a fall of 0.53% to 12,385.60 for the German Dax and a retreat of 0.48% to 5,256.18 in the Cac-40.
"Bereft of US volume and market catalysts, stocks across Europe are in retreat this afternoon. After rallying from the lows, stock markets have hit a brick wall. The worry is that the US will follow this pattern when it reopens tomorrow, which would accord with the historical norm; another test of the lows, and a possible new low, before the 'ball held underwater' springs higher once again, catching everyone off guard. But for now we have to wait.
"The week gets busier from here, so things will start to pick up, but for now we must drum our fingers and wait," said Chris Beauchamp at IG.
In corporate news, Reckitt Benckiser was under the cosh as it vowed to return to growth after reporting flat like-for-like sales for 2017.
Daimler shares were lower as well following a report in the German press, citing internal documents from US investigators, that the car company may have used software to help some of its vehicles pass US diesel-emissions tests.
AstraZeneca ticked lower after it and MedImmune, its global biologics research and development arm, announced that the US Food and Drug Administration has approved Imfinzi for the treatment of patients with unresectable Stage III non-small cell lung cancer, whose disease has not progressed following concurrent platinum-based chemotherapy and radiation therapy.
On the upside, Spectris rallied as it posted a 12% increase in full-year pre-tax profit and a 13% rise in revenue.
