Geopolitics Back in Focus, Lead European Markets Lower
European markets are in the red this Monday as geopolitical concerns are once ahead fueling the risk off attitude and European markets have taken their cue from the somber mood on Wallstreet.
Geopolitical tensions between the US and North Korea are easing somewhat, but remain one of the key market drivers as well as uncertainty over US President Donald Trump’s tax reform plans.
French and oil giant Total will pay $7.45bn for mature oil exploration and production assets from Danish conglomerate AP Moller-Maersk. The Container shipping group has agreed to sell its oil and gas division, as it seeks to focus on its core transport and logistics businesses. And this works for Total because it is keen to boost its presence in the North Sea and have more exposure to more stable environments.
China's Great Wall Motor is sizing up Fiat Chrysler. A Great Wall official told Reuters it had "an intention to acquire" the Italian-American car marker that also owns Jeep. However, Fiat Chrysler said it was yet to receive an approach from Great Wall - China's biggest SUV maker. Shares in Fiat Chrysler Automobiles jumped over 2% following the news.
--- Written by Katie Pilbeam, DailyFX
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.