European shares extend losses on weak German data, trade anxiety

(Reuters) – European shares dipped on Monday, extending losses from their sharpest weekly slide this year, as weak data on German industrial orders underscored concerns of a looming recession in the country while investors were on edge ahead of crucial trade talks between the U.S. and China this week.

By 0710 GMT, the pan-European STOXX 600 index () was down 0.1%, after it tumbled 4% last week on tensions over transatlantic trade wars and a clutch of weak U.S. and European data.

Germany’s DAX () declined 0.2% after data showed German industrial orders fell slightly more than expected in August.

A report that said China officials are increasingly reluctant to agree to a broad trade deal with the United States, kept investors nervous ahead of the trade negotiations starting on Thursday.

Trade-sensitive automakers () dropped 1%, leading declines among major sectors.

London-listed shares of HSBC Holdings Plc (L:) fell 0.7% after a report over the weekend said the banking group was planning to cut up to 10,000 jobs to lower costs.

Austria’s AMS (S:) rose 3.5% after the company said it failed in its 4.5 billion euro ($4.9 billion) takeover attempt of German lighting group Osram (DE:). Osram was the biggest decliner on the STOXX 600, down 4%.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.