European stocks close lower as November momentum stalls; Ubisoft down 9%, Rolls-Royce up 6%

European markets closed lower Tuesday, as the lackluster sentiment seen at the start of the week continued in the region and beyond.

The Stoxx 600 provisionally closed down with most sectors in the red, as the steady momentum that has powered the index’s best month since January stalled.


.FTSEFTSE 1007554.4740.750.54
.FCHICAC 40 Index7526.5500
.FTMIBFTSE MIB30403.9282.130.94
.IBEXIBEX 35 Idx10223.400

French videogames publisher Ubisoft led losses, down 9%, after announcing it had raised 494.5 million euros ($541.2 million) in a placement of bonds convertible into equity. The company said the proceeds would be used for general corporate activities, along with up to 250 million euros for repurchasing outstanding bonds.

Rolls-Royce gained 6% after announcing a medium-term target of £2.5 billion ($3.155 billion) to £2.8 billion operating profit and 13-15% operating margin ahead of its Capital Markets Day.

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Asia-Pacific markets traded in mixed territory, a day after the region saw all its major indexes end the day in negative territory.

MeanwhileU.S. stocks were higher as traders analyzed the strong gains seen throughout November and the trading month nears its end.

TUE, NOV 28 20238:42 AM EST

French consumer confidence improves as Germany remains gloomy

Consumer sentiment held steady in Germany this month, according to the monthly GfK survey, while figures from French statistics agency Insee showed households were slightly more optimistic.

In recession-hit Germany, “willingness to buy is growing slightly, while income expectations have experienced a slight decline,” GfK said. Overall sentiment was unchanged after three months of decline, but remained at a low level with few signs of improvement on the horizon.

French consumer confidence improved but remained “relatively sluggish,” Insee said, and households had a brighter outlook on their financial situation.

— Jenni Reid

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