European shares stuck in \'Santa Crash\'

European shares stuck in 'Santa Crash'

Reuters  |  MILAN 

By and Julien Ponthus

The pan-European 600 index ended the day down 0.6 percent, just a few points away from two-year lows hit last week on slowing economic growth worries.

A vast majority of European bourses and sectors traded in the red and didn't recover when the S&P 500 and the Nasdaq opened higher after the previous session's slump.

"We are stuck in our European doldrums", said trader Mikael Jacob, noting no spillover effect from investors' new-found optimism that the Federal Reserve might adopt a dovish tone at its meeting on Wednesday.

The 600 is down more than 12 percent so far this year, hit by a slowing economy and political instability in

fell 2.5 percent as concern over sent crude prices down.

Among heavyweights, Total, and lost 2.5 percent, 2.3 percent and 2.2 percent respectively.

rose at the open after its unit and won backing from two U.S. national security reviews for their $26 billion merger. The go-ahead came after indications that both groups had offered to stop using equipment.

Shares in the German phone group pared gains to fall 0.5 percent at the close.

Among the few gainers was Getlink, up 5.5 percent after French builder bought a five percent stake in the company, which operates the between and Britain.

Cherry shot up 18.8 percent after a consortium led by British private equity firm made a $1 billion cash takeover offer for the Swedish gaming firm.

(Reporting by and Julien Ponthus, Editing by Larry King, William Maclean)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, December 18 2018. 22:49 IST