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Most European stocks are lower at the opening bell on Tuesday

2019-09-17 07:43 am | Resource: News | No Views : 18

 Most European stocks are lower at the opening bell on Tuesday

Investors were cautious on Tuesday when trading on major European exchanges began after a strong drop in China. The casualties were modest but widespread, with continued focus on geopolitical implications and high oil prices following an attack last week by unknown forces with drones or missiles on the heart of Saudi Arabia's crude production. Market participants are preparing to update the monetary policy from the US Federal Reserve, scheduled for tomorrow.

Survey: US and German growth outlook weakens

The expert group of the Swiss State Secretariat for Economic Affairs has lowered the estimated rate of economic expansion in major economies, including the country's gross domestic product. The quarterly update released on Tuesday showed that:
  • Forecasts for the US have fallen 0.1 percentage points for both this year and next, to 2.3% and 1.8% respectively.
  • Growth in Germany fell 0.2 points to just 0.7% for 2019, followed by a 0.4 point drop to 1.1%.
  • The Eurozone gauge remained at 1.1% for the year and weakened 0.2 points to 1.3% for 2020.
  • The outlook for the Swiss economy is forecast to grow by a staggering 0.4 points to 0.8% for 2019, while next year remains unchanged at 1.7% optimistic.
  • The forecast for China's GDP growth in 2020 was reduced to 5.9% for 2020 from 6% recorded in the previous report, while the rate remained at 6.1% for the current year.

Analysts once again warned of the impact of the US-China trade war, Britain's possible exit from the EU and Switzerland's fragile relations with the EU.

Gold and currency trading
  • Gold fell 0.16% to $ 1,495.87 an ounce at 9:04 CET.
  • The euro was almost flat at $ 1.10038 and gained 0.1% to £ 0.88615.
  • The pound traded 0.08% in the red at $ 1.24177.

European shares trading
  • The FTSE 100 lost 0.2% in London's first transactions. Melrose was the worst performer
  • It dropped 1.99%. The German DAX was down 0.1%, mostly under pressure from Infineon and Continental, which fell 0.7% and 0.67% respectively.
  • The CAC 40 fell only 0.04%. Peugeot dropped 2.17% down the heap.

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