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European shares extend losses on weak German data, trade anxiety

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European shares extend losses on weak German data, trade anxiety
A trader works as a screen shows market data behind him at CMC markets in London, Britain, December 11, 2018. REUTERS/Simon Dawson/Files   -   Copyright  Simon Dawson(Reuters)
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(Reuters) – European shares dipped on Monday, extending losses from their sharpest weekly slide this year, as weak data on German industrial orders underscored concerns of a looming recession in the country while investors were on edge ahead of crucial trade talks between the U.S. and China this week.

By 0710 GMT, the pan-European STOXX 600 index <.STOXX> was down 0.1%, after it tumbled 4% last week on tensions over transatlantic trade wars and a clutch of weak U.S. and European data.

Germany’s DAX <.GDAXI> declined 0.2% after data showed German industrial orders fell slightly more than expected in August.

A report that said China officials are increasingly reluctant to agree to a broad trade deal with the United States, kept investors nervous ahead of the trade negotiations starting on Thursday.

Trade-sensitive automakers <.SXAP> dropped 1%, leading declines among major sectors.

London-listed shares of HSBC Holdings Plc <HSBA.L> fell 0.7% after a report over the weekend said the banking group was planning to cut up to 10,000 jobs to lower costs.

Austria’s AMS <AMS.S> rose 3.5% after the company said it failed in its 4.5 billion euro ($4.9 billion) takeover attempt of German lighting group Osram <OSRn.DE>. Osram was the biggest decliner on the STOXX 600, down 4%.

(Reporting by Medha Singh in Bengaluru; Editing by Bernard Orr)

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