European shares slip on trade tensions; Nexans down, M&A in focus

  • Reuters
  • Stock Market News
European shares slip on trade tensions; Nexans down, M&A in focus
Credit: © Reuters.

MILAN, June 18 (Reuters) - European shares dipped in early trading on Monday as worries over a trade war between the United States and China kept investors on the edge, while cable maker Nexans NEXS.PA plummeted after a profit warning.

By 0728 GMT the STOXX 600 .STOXX was down 0.3 percent following losses in Asia after U.S. President Donald Trump cranked up trade tensions by going ahead with tariffs on Chinese imports, prompting Beijing to immediately respond in kind. MKTS/GLOB

Among other national benchmarks, the UK's FTSE 100 .FTSE was flat, while Germany's DAX .GDAXI declined 0.5 percent.

France's Nexans fell 18.2 percent after the company warned that an "abrupt deterioration" of its high-voltage activities was likely to translate into lower profits for the full year. warning also weighed on Italian rival Prysmian PRY.MI , which fell 2.2 percent.

French gas and power group Engie ENGIE.PA fell 2.2 percent after saying unscheduled outages at its Belgian nuclear reactors will have an impact of 250 million euros on its 2018 core and net profit. deal-making activity drove stock moves.

Norwegian Air Shuttle NWC.OL rose 9 percent after Lufthansa LHAG.DE said it was in contact with the Norwegian carrier over a possible combination. gained 0.3 percent.

Mid-sized bank Virgin Money VM.L rose 1.6 percent after CYBG CYBGC.L agreed a 1.7 billion-pound, all-share deal to acquire its rival and create Britain's sixth-largest bank. supplier Cobham COB.L soared 6.6 percent after an upgrade from Morgan Stanley (NYSE: MS ).

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