European shares end flatlined ahead of Sino-US trade deal, auto stocks down


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European shares end flatlined ahead of Sino-US trade deal, auto stocks down

On Monday, the 13th of January 2020, a basket of European bourses had wrapped up the day almost dithered, as investors presumably had been mulling a “wait and see” approach ahead of January 15th US-China “Phase One” trade deal.

Besides, a hide-and-seek over the 85-page text deal that the US officials took more than a month to translation, had been adding further cynicism over the feasibility of a “Phase Two” trade deal. Amid such uncertainties, carmakers’ stocks took a hit following Chinese sales forecast, leading to a nosedive for a number of European indices, while the London Stock Exchange outperformed and saved the day for the regional pan-European STOXX 600 after bleak economic data had stoked possibilities of a BoE (Bank of England) rate-cut.

Meanwhile, expressing a cautious optimism over the Sino-US “Phase One” trade deal signing ceremony scheduled to take place on January 15th, a head of strategy at TS Lombard, Andrea Cicione said on Monday’s (January 13th) European market round off, “We think autos are going to remain a drag for the foreseeable future, but we see tentative signs of (China demand), if not getting better, at least taking a pause from getting worse.

” Citing statistics, on Monday’s (January 13th) European market round off, London’s FTSE 100 gained 0.39 per cent to 7,617.60, while London’s mid-capped index FTSE Mid 250 surged 70 per cent to 21,716.76.

Besides, Frankfurt’s DAX wrapped up the day 0.24 per cent lower to 13,451.52, while French CAC 40 ended up Monday’s (January 13th) market a penny down to 6,036.14. Elsewhere in the Europe, Madrid’s benchmark IBEX 35 index shed 0.31 percent to 9,543.90, while Italy FTSE MIB fell 0.52 per cent to round off Monday’s (January 13th) market to 23,898.59.