Tech tumble, Opec anticipation cap gains for European shares
LONDON: Euro zone stocks made modest gains on Thursday while Britain’s FTSE 100 slipped again as sterling climbed, with oil majors teetering as investors eyed the Opec meeting later in the day, and tech the biggest weight as worries of a peak spread to Europe.
Euro zone stocks and blue-chips gained 0.1 per cent while Britain’s FTSE 100 fell 0.4 per cent in its second day of losses as sterling rose, denting its internationally-exposed constituents.
The FTSE’s exposure to sentiment on Brexit has contributed to its divergence from continental European stocks this year, but both regions were on track for a fall for November as investors took profits on stocks after stellar gains.
Both euro zone stocks and the FTSE were on track for their worst monthly fall since June, down 1.7 per cent on the month.
Energy stocks were mixed as investors held their breath ahead of the Opec meeting in Vienna, where oil producers are expected to extend a supply cut which has helped push crude prices higher this year.
Oil majors BP, Shell and Statoil dipped 0.2 to 0.6 per cent.
Tech stocks were the biggest weight after fears of a peak drove the sector down in Asian and U.S. trading. Chipmakers ams and ASML fell 4 and 0.3 per cent.
Exchange operator Euronext meanwhile led gains, up 3 per cent after acquiring the Irish Stock Exchange for 137 million euros.
The most dramatic drop came from Daily Mail and General Trust shares, sinking 24 per cent after full-year profit fell 13 per cent, driving the media sector – among the worst-performing this year – down.
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Via:: Economic Times – Stocks