A steel worker of Germany’s industrial conglomerate ThyssenKrupp AG stands amid sparks of raw iron from a blast furnace at Germany’s largest steel factory in Duisburg, Germany.
European stocks on Monday turned higher in afternoon trade, led by pharmaceutical and food producers.
After losing 2.95% last week, the Stoxx Europe 600 SXXP, +0.36% increased 0.52% to 382.19.
After a 372-point burst in the Dow Jones Industrial Average DJIA, +1.42% on Friday, U.S. stock futures ES00, -0.25% declined, as Bloomberg News reported China negotiators were trying to limit scope of talks. Chinese officials haven’t responded to the report.
The overall economic backdrop in Europe continues to be a concern. Germany on Monday reported a 0.6% drop in factory orders in August. That was worse than the 0.4% gain expected in a FactSet-compiled economist poll.
Building materials supplier SIG SHI, -13.56% slumped 16% after saying a deterioration in U.K. and German trading conditions has “accelerated.”
Osram Licht OSR, +2.26% shares fell over 4% after ams AMS, -2.84% said it didn’t get the necessary shareholder approval for its takeover bid to succeed. A rival consortium of Advent International and Bain Capital is trying to buy the German company.
Ams shares dropped 3% in Swiss trade.
“As it stands, we see risks that the Osram share will retreat towards its pre-M&A bids levels unless new announcements are made re a potential new offer/intention of offer,” said analysts at Morgan Stanley.
Bayer BAYN, +2.86% shares rose 1.4% as Handelsblatt reported a U.S. trial relating to the herbicide Roundup has been postponed until next year, which the newspaper said was a sign the company was pursuing settlements.