{"id":30646,"date":"2023-01-30T09:49:02","date_gmt":"2023-01-30T09:49:02","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2023\/01\/30\/european-shares-drift-lower-in-cautious-trade-2\/"},"modified":"2023-01-30T09:49:02","modified_gmt":"2023-01-30T09:49:02","slug":"european-shares-drift-lower-in-cautious-trade-2","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2023\/01\/30\/european-shares-drift-lower-in-cautious-trade-2\/","title":{"rendered":"European Shares Drift Lower In Cautious Trade"},"content":{"rendered":"
<\/div>

\n<\/p>\n

\n

European stocks declined on Monday as caution set in ahead of a busy week of U.S. tech earnings and a slew of central bank meetings. <\/p>\n

Official data showed earlier today that the German economy<\/span> unexpectedly fell in the fourth quarter, creating uncertainty going into 2023.<\/p>\n

GDP decreased 0.2 percent quarter on quarter in adjusted terms, the federal statistics office said.<\/p>\n

The European Commission is set to issue euro area economic sentiment survey results later in the day. The economic confidence index is seen at 97.0, up from 95.8 in December.<\/p>\n

The pan European STOXX 600 dropped half a percent to 453.10 after gaining 0.3 percent on Friday. <\/p>\n

The German DAX and France’s CAC 40 index both eased around 0.4 percent, while the U.K.’s FTSE 100 was down 0.2 percent. <\/p>\n

Philips surged 5.8 percent. The Dutch health<\/span> technology company said it would scrap another 6000 jobs worldwide after fresh losses caused by a massive recall of faulty sleep respirators. <\/p>\n

Amsterdam-listed Prosus NV slumped 5.5 percent after announcing job cuts.<\/p>\n

Renault Group shares declined nearly 3 percent. The automaker has agreed with Japanese automotive firm Nissan Motor for a new collaboration to boost their ties.<\/p>\n

British IT services company Computacenter jumped 9 percent after an announcement that it sees 2022 results slightly ahead of guidance.<\/p>\n

888 Holdings plunged 21 percent. The betting and gaming company announced the departure of Itai Pazner, its chief executive officer (CEO) and executive director.<\/p>\n

The company also said it has suspended VIP activities in some of its .com markets<\/span> pending the outcome of an internal compliance investigation.<\/p>\n

Consumer goods giant Unilever rose about 1 percent after naming a new CEO.<\/p>\n

Legal & General Group tumbled 2.2 percent. Its chief executive Nigel Wilson is set to retire after more than a decade in the top job.<\/p>\n

Total Energies SE dropped 1.2 percent. The energy firm and its Italian partner Eni S.p.A. have completed the transfer of a 30 percent interest in exploration Blocks 4 and 9 off the coast of Lebanon to QatarEnergy.<\/p>\n

DEUTZ AG soared more than 5 percent. The German internal combustion engine maker announced that it has inked two multi-million euros agreements with the commercial vehicle maker Daimler Truck Holdings AG to develop and market medium- and heavy-duty engines. <\/p>\n<\/p>\n<\/div>\n