Trade fears regain grip on European shares, real estate stocks fall

  • Reuters
  • Stock Market News
Trade fears regain grip on European shares, real estate stocks fall
Credit: © Reuters.

(For a live blog on European stocks, type LIVE/ in an Eikon news window)

LONDON, Aug 30 (Reuters) - European shares fell back on Thursday, tracking a decline in Asian trading overnight as weakness in Chinese markets eclipsed optimism that a NAFTA deal could be struck by Friday's deadline.

The pan-European STOXX 600 .STOXX fell 0.3 percent by 0730 GMT, set for its biggest fall in a fortnight, while Germany's DAX .GDAXI fell 0.4 percent.

Chinese stocks fell overnight after a Reuters poll showed activity in the factory sector likely slowed for the third straight month in August amid uncertainty over an escalating trade war with the United States. mining stocks .SXPP tumbled 0.9 percent and autos .SXAP fell 0.5 percent.

Results caused some sharp moves at the stock level.

Unibail-Rodamco-Westfield URW.AS shares fell 3.1 percent despite Europe's largest property company reporting a boost to profits from its acquisition of Australian shopping centre giant Westfield. commercial property firms Intu INTUP.L fell 4.2 percent after Morgan Stanley (NYSE: MS ) cut the stock to underweight from equal-weight, and peer Hammerson HMSO.L also fell 3.9 percent.

Traders cited Morgan Stanley downgrading its overall view on the European property sector, and cutting Klepierre LOIM.PA and Carmila CARM.PA to underweight as well.

Europe's real estate sector .SX86P was the worst-performing, down 1.3 percent.

Swedish radiation therapy gear maker Elekta EKTAb.ST was the biggest faller, down 6.6 percent after it reported an unexpected drop in first-quarter operating profit. BOUY.PA was a rare gainer, up 4.4 percent after the French conglomerate stuck to its full year outlook for rising profitability as its telecoms division improved. IWG.L shares fell 4.2 percent after RBC analysts cut the stock to "underperform".

Troubled Swiss asset manager GAM GAMH.S tumbled a further 5 percent, hitting its lowest in more than nine years and taking its year-to-date losses to 51 percent.

GAM shares have sold off sharply since the firm suspended a top director and suspended, then liquidated, some bond funds.

Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb

Error: File type not supported

Drop an image here or


Related Articles