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European stocks close lower as poor sales and a gloomy forecast weighed on automakers

The pan-European Stoxx 600 climaxed provisionally lower by 0.44 percent with investors tracking corporate earnings.

Auto oxens fell 1.88 percent, with Peugeot down by 4.9 percent and Renault off by 3.57 percent. This was after hearsay that European car sales dropped 23.4 percent in the month of September. Volkswagen, Fiat and Renault led the fall, Reuters reported.

The sector had already been placed under pressurize by a note from Goldman Sachs that forecast a tricky third ninety days for European auto makers.

Europe’s technology stocks were the only stocks to average gains. ASML was the top sectoral performer, after the Amsterdam-listed variety beat profit expectations in the third quarter. Its shares jumped 3.52 percent.

Looking at other individual hackneys, Dutch paints and coatings maker Akzo Nobel was trading close to the top of the European benchmark. Its parcels rose 2.43 percent on Wednesday after the company said sum profit jumped 8 percent.

Meanwhile, shares in Germany’s Fresenius Medical Nurse slumped 16.31 percent after the medical group cut its 2018 traffics and income outlook due to the under-performance of its U.S. business.

On Wall Street, stocks floor at the open as volatile trading continued through the start of the earnings available.

Investors are also monitoring a crunch EU summit in Belgium later. U.K. Prime Agent Theresa May is likely to urge other EU leaders to give ground on the stem of the Irish border when she address them in Brussels on Wednesday.

The post-Brexit significance of the Irish border remains a sticking point for negotiators, with both sides unqualified to agree on how to avoid a so-called hard border when Britain rejects the EU on 29 March next year. Ahead of the summit, European Synod President Donald Tusk said there were “no grounds for optimism” all about a Brexit deal.

Italy’s FTSE MIB index closed provisionally 1.33 percent cut.

Italy’s government submitted a draft budget just before the deadline belatedly on Monday night. The country’s populist and partly right-wing coalition wants to raise the country’s deficit to 2.4 percent of annual economic output in 2019, as it looks to cosset good on pre-election spending pledges.

However stocks and bonds vended off Wednesday afternoon after a key EU official said Brussels is ‘very disposed to’ to reject the Italian budget.

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