European Shares Slide On Growth Concerns

(RTTNews) - European stocks tumbled on Monday as trade worries persisted and business activity readings from across the euro zone suggested growth had ground to a halt.

U.S. President Donald Trump said he didn't need a trade deal with China before the 2020 election, fueling pessimism about the prospect of a trade truce between the world's two largest economies.

The euro area private sector moved close to stalling at the end of the third quarter, survey data from IHS Markit showed today.

The flash composite output index fell unexpectedly to a 75-month low of 50.4 in September from 51.9 in August.

Germany's private sector contracted the most since late 2012 as the downturn in manufacturing deepened and service sector growth lost momentum.

The pan European Stoxx 600 was down 0.8 percent at 389.75 after rising 0.3 percent on Friday.

The German DAX was losing 1.1 percent, France's CAC 40 index was down 0.9 percent and the U.K.'s FTSE 100 was declining 0.7 percent.

Banks were losing ground on growth worries, with Deutsche Bank, BNP Paribas, Commerzbank and Lloyds Banking Group declining 3-6 percent.

Miners Anglo American, Antofagasta and Glencore fell 3-4 percent.

Marks & Spencer Group shares slumped 4.3 percent. The company announced that Humphrey Singer, Group Chief Financial Officer, has decided to leave the business and a succession process is now underway.

TUI jumped 6.6 percent, EasyJet rallied 4.2 percent and Ryanair Holdings advanced 1.5 percent on expectations that they will benefit from the Thomas Cook bankruptcy.

DEUTZ AG shares slumped as much as 13 percent. The internal combustion engine manufacturer said the insolvency of a major supplier will have an adverse financial impact in the current financial year.
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