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European shares fail to rebound, risk-off mood prevails

European shares fail to rebound, risk-off mood prevails
The German share price index, DAX board, is seen at the stock exchange in Frankfurt, Germany, March 21, 2018. REUTERS/Tilman Blasshofer   -   Copyright  Tilman Blasshofer(Reuters)
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LONDON (Reuters) – European shares failed to rebound on Monday after their worst week since a correction in February as a flurry of threats such as trade wars, rising U.S. yields, a slowdown in China, Brexit and the Italy/EU budget row continued to weigh on markets.

For European bourses there was no wind of optimism from Asia where stocks suffered as rising diplomatic tensions between Riyadh and the West over the disappearance of a journalist pushed oil higher.

At 0721 GMT, Euro zone stocks were down 0.03 percent and blue chips down 0.01 percent.

Noting that Wall Street had managed to stage a rebound on Friday, ING analysts stressed that risks were still on the upside.

“Just as you shouldn’t breathe too big a sigh of relief after earth tremors end, we remain anxious of a market that seems jittery, even against the backdrop of a very strong U.S. economy”, the bank’s analysts told its clients.

British ConvaTec was the worst performer on the STOXX 600 down 28 percent, after cutting its forecast and announcing its CEO was stepping down.

Among winners in the early trading session was Chr Hansen, up 4.6 percent with better-than expected results.

(Writing by Julien Ponthus; Editi ng by Richard Balmforth)

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