The pan-European Stoxx 600 closed provisionally lower, down almost 0.2 percent, with most sectors and major indexes trading in negative territory. Retail stocks were by far the worst-performing sector, down more than 2 percent, after H&M reported fourth-quarter sales below its own expectations. Shares of the fashion retailer fell almost 13 percent to their lowest level since 2009. In other stock news, Deutsche Telekom agreed to buy the Dutch business of Tele2. The latter jumped around 6 percent in early trade but it has since then lost some ground, trading…
Read MoreDay: December 16, 2017
The refugee crisis is subsiding while political fallout is going strong
Though the flood of immigrants in 2015 and 2016 has subsided, Europe is ending the year without having prepared for the next migration wave. Meanwhile, many immigrants are languishing. This year, German refugee applications declined to levels not seen since 2014. Greece and Italy, which bear the brunt of migrant arrivals across the Mediterranean have also gotten a little more breathing space. In part, that can be explained by the winding down of the Syrian war, in part by the efforts to shut down the routes that most asylum seekers…
Read MoreAustria: Far-right joins coalition led by PM Sebastian Kurz
Austria’s president has approved a coalition government between the conservative People’s Party and the far-right Freedom Party. The deal will make Austria the only Western European state with a governing far-right party, which is opposed to migration and the European Union. The parties previously governed the country together between 2000 and 2005. But at just 31, the People’s Party’s Sebastian Kurz is set to become the world’s youngest head of government. No details have been given about the government’s programme, but several important ministerial roles are expected to be handed…
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