Europe ends on a muted note amid trade jitters; Dechra Pharmaceuticals tanks 21.4%

Despite a negative session in Asia, markets in Europe were mixed by Monday’s close. The U.K.’s FTSE 100 jumped 0.97 percent, while France’s CAC 40 ended just a touch higher, up 0.13 percent, and Germany’s DAX sank 0.14 percent. Peripheral bourses were relatively mixed. Markets are closed stateside as Americans celebrate Labor Day.

Europe’s automakers were the worst performers, finishing down 1 percent as trade tensions continued to bubble away. Last week, the European Union said it would respond in kind if President Donald Trump reneged on his pledge not to impose car tariffs. Faurecia, Porsche and Volkswagen all ended down over 1.5 percent.

Looking at individual stocks, SBM Offshore was the European benchmark’s top gainer, jumping 10.7 percent, after the Dutch company announced a final settlement to resolve alleged improper sales practices.

Another top performer was Britain’s Royal Mail, which popped 3 percent, after it announced that one of its subsidiaries had acquired Dicom Canada, a parcel delivery firm based in Canada, from Wind Point Partners for $360 million Canadian dollars (US$275 million).

Meanwhile, Britain’s Dechra Pharmaceuticals slumped to the bottom of the index amid earnings news, down 21.4 percent. The company, which produces pharmaceutical products for animals, said that while the new fiscal year had started well, it had implemented contingency plans for a hard Brexit.