Europe Markets

European markets edge lower; Kering eyes Moncler

Key Points
  • Household goods was among the top-performing sectors on reports that Kering is considering buying the Italian brand Moncler.
  • OPEC members are also due to start their first day of talks in Vienna.
  • Market players are expecting deeper oil supply cuts later this week.

European stocks proved a mixed bag Thursday as investors monitored U.S.-China trade, data releases and an OPEC meeting.

The pan-European Stoxx 600 closed provisionally 0.08% lower. Retail and construction stocks were among the top-performing sectors. Luxury stocks granbbed the headlines outperformed on reports that Kering is considering buying the Italian brand Moncler. Shares of the latter rose 6.9%.

Overall, investors are closely monitoring trade talks between China and the U.S. amid mixed signals about their progress. According to a Bloomberg report, citing people familiar with the talks, the two economies are moving closer on their first-phase deal. However, President Donald Trump has said that he could decide to delay a trade deal with China until after the 2020 Presidential election.

Elsewhere, a joint statement by NATO leaders on Wednesday said that the transatlantic alliance will stand together against threats from Russia and China. The statement comes after two-days of intense meetings in the U.K., where members clashed over the organization's role.

Sterling shifted firmly higher on expectations that next week's U.K. general election will provide victory for the pro-Brexit Conservative Party. The pound touched a fresh seven-month high versus the dollar, hitting $1.3154 shortly befor 3.p.m. London time.

Ryanair, OPEC, German data

In the corporate world, Ryanair cut its passenger traffic forecast on Wednesday and Daily Mail & General Trust reported a drop in pre-tax profit for its fiscal 2019 year.

On the data front, German industry orders dropped 0.4% in October. The euro zone grew at a pace of 0.2% in the third-quarter of the year, unchanged from the previous quarter.

OPEC members started their first day of talks in Vienna. Market players are expecting deeper oil supply cuts later this week.

Around the time of the closing bell in London, Brent Crude was around 1 percent higher ar $63.63.