The European stocks faced new losses in the energy and chemical sectors
After a small gain in the telecom and technology sector, the European stocks faced new losses in energy and chemical sectors. Even though stocks for oil and gas rose the benchmark on Tuesday by 0.3 percent, stocks on basic materials, industrial sector and consumer goods struggled on Wednesday, and made the market heading lower.
The pharmaceutical industry was heavily influenced after the German pharmaceutical and chemicals heavyweight Bayer placed 4 billion euros in convertible bonds to compensate the purchase of Monsanto Company. This way the shares in the basic material sector went lower by 5%.
Shares on oil and gas stared to head low as oil prices pushed lower, -1.44%.
Bouygues SA EN's shares had a zig-zag course after the company posted better-than-expected net profit for the first 9 months of the year, giving the telecom industry an advantage.
Also, the French telecommunication company Iliad posted a 6.5 percent rise in the third-quarter revenue, helping the shares rose by 2.2 percent.
Amro Group shares fell too, after the Dutch bank announcement of leaving off 1.500 jobs in the next years.
Morrison Supermarkets formed a partnership with Amazon.com, and the announcement made shares of Ocado drop by 5%. Morrison shares were up by 0.5%.
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The gold prices dropped below $1.200