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European stocks head lower on Evergrande woes, mixed earnings -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO : A graph showing the German share price index DAX can be seen at Frankfurt’s stock exchange on October 8, 2021. REUTERS/Staff

(Reuters) – European shares fell on Thursday due to gloomy sentiment about renewed concerns over China’s property sector, and mixed quarterly results.

The pan-European Index fell 0.4% at 0710 GMT. This is a retreat from the highest point in six consecutive weeks. Asian stocks fell on news that China Evergrande Group had sold its assets worth $2.6 billion to a highly indebted developer.

Miners, automakers, and industrial stocks were the main culprits of losses, as well as growing nerves about upcoming corporate earnings.

ABB, a Swiss engineering and technology group, saw its sales decline by 3.4% after warnings about shortages.

AB Volvo’s profit exceeded expectations, however it was 2.1% lower than expected. However, the company warned that continuing chip shortages would hinder truckmaker’s ability to produce.

Barclays Even though the British Bank posted an impressive third-quarter, (LON) dropped 0.6%

Unilever (NYSE 🙂 saw its sales grow 1.2% in the third quarter. The consumer goods firm beats analysts’ forecasts for growth.

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