European stocks drop further after weak UK data

Tuesday, 10. December 2019 12:50

European stocks traded with considerable losses on Tuesday as economic data from the United Kingdom pointed to sluggish growth.

The country's goods trade deficit widened in October, reaching the figure of £7.2 billion, resulting in a virtually unchanged GDP figure for the three months to October. Industrial production, however, picked up slightly according to the latest figures fo the tenth month, but on a yearly basis dropped as many as 1.5%.

Meanwhile, the big tech might be in for tougher competition rules in the EU, the European Commission suggested earlier, with particular focus on leading US tech giants.

The German DAX traded 1.50% in the red at 12:43 pm CET. Lufthansa led the losses, plunging 3.06%. The CAC 40 slid 0.90% at 12:44 pm CET as ArcelorMittal declined 2.75%. Meanwhile, the FTSE 100 dropped 1.12% at the same time, with Ashtead dragging the index deeper into the red as the stock dove 7.13%.

The euro added 0.14% to the US dollar, going for 1.10812 at 12:45 pm CET, while the pound advanced 0.19% versus the greenback, changing hands for 1.31746 at 12:46 pm CET.

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