European markets slightly lower amid trade uncertainty; IWG shares tumble 21%

Business


The pan-European Stoxx 600 was down around 0.1 percent during early morning deals, with most sectors and major bourses in negative territory.

Europe’s chemicals stocks were among the worst performers, down around 1 percent amid merger and acquisition news. German industrial gases company Linde slumped to the bottom of the sector, amid reports the U.S. Federal Trade Commission (FTC) could demand more concession in Linde’s merger with European peer Praxair. Shares of Linde tumbled more than 9 percent on the news.

Looking at individual stocks, shares of U.K. office provider IWG tanked more than 21 percent on news the company had abandoned takeover discussions with three remaining suitors on Monday.

Elsewhere, HSBC reported an earnings beat on Monday, with pre-tax profit up by 4.58 percent year-on-year to $10.712 billion in the first half of 2018. Shares were down 1 percent, however, in early deals.



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