European markets were mixed Friday morning as investors monitored tense negotiations between the U.K. and the European Union.
The pan-European Stoxx 600 hovered around the flatine in early trade, with oil and gas falling 0.9% while household goods added 0.7%.
The EU on Thursday urged the U.K. to abandon its plan to renege on the Brexit Withdrawal Agreement and threatened legal action, but U.K. Prime Minister Boris Johnson's government has vowed to press ahead with its Internal Market Bill, despite acknowledgment that the move violates international law.
On the data front, the U.K. economy grew 6.6% in July on a monthly basis, according to initial estimates published Friday, as the economy seeks to recover from the sharp downturn caused by coronavirus-induced lockdown measures.
In corporate news, Anglo-Australian mining titan Rio Tinto has announced the departure of its CEO and two senior executives following an extensive shareholder campaign focusing on the company's demolition of two Aboriginal rock shelters.
Meanwhile, Louis Vuitton owner LVMH is countersuing acquisition target Tiffany, alleging that the U.S. jeweler's mismanagement through the coronavirus pandemic invalidates a $16 billion takeover agreement. Tiffany had already filed a lawsuit against LVMH over its withdrawal from the deal.
Altice Europe shares surged 25% after the French telecoms firm agreed around a 2.5 billion euro ($2.95 billion) takeover offer with its founder and majority shareholder, who plans to delist the company.
At the other end of the European blue-chip index, German braking system manufacturer Knorr-Bremse fell 8% after majority shareholder Heinz Hermann Thiele sold 10 million shares in the company.
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September 11, 2020 at 12:56PM
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European markets flat with Brexit standoff in focus - CNBC
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