European Shares Decline On Weak German, UK Data

European stocks fell in cautious trade on Monday as investors exercised caution ahead of China’s trade balance figures and inflation readings from the United States and China due this week.

Meanwhile, official data showed that Germany’s industrial production declined more than expected in June on weak auto production.

Industrial production posted a monthly fall of 1.5 percent in June, following a revised 0.1 percent drop in May, Destatis reported while analysts had forecast output to decrease moderately by 0.5 percent.

On a yearly basis, industrial production slid 1.7 percent in June after staying flat in May.

British house prices fell for a fourth straight month in July due to rising borrowing costs, data from mortgage lender Halifax showed earlier today.

The Eurozone Sentix Investor Confidence improved to -18.9 in August from -22.5 in July. Analysts had expected a score of -23.4.

The pan European STOXX 600 slipped 0.4 percent to 457.60 after closing 0.3 percent higher on Friday.

The German DAX and France’s CAC 40 both dropped around half a percent, while the U.K.’s FTSE 100 was down 0.7 percent.

British housebuilders Persimmon and Taylor Wimpey both fell around 1.4 percent, while Barratt Development was down 0.8 percent.

Declining copper prices weighed on miners, with Anglo American, Antofagasta and Glencore all falling around 2 percent.

Clarkson declined 1.4 percent after the shipping services provider warned it is seeing softening of rates in some sectors.

Recruitment specialist Page Group dropped about 1 percent after its total headcount shrank by 5 percent in the first half of the year.

Student accommodation specialist Unite Group fell more than 2 percent after a rating downgrade.

LSL Property Services plummeted 11 percent after the provider of mortgage and valuation services issued a profit warning on mortgage market woes.

German vehicle maker Daimler Truck Holding fell 1.5 percent. The company said that its Chief Financial Officer Jochen Goetz, 52, passed away suddenly and unexpectedly in a tragic incident on August 5th, 2023.

Aurubis AG, a supplier of non-ferrous metals, plunged 8.5 percent after revenue for the first nine months of fiscal 2023 missed expectations.

Siemens Energy tumbled nearly 3 percent after posting a wider loss for Q3 and cutting its annual outlook.

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