European Stocks Extend Declines For Second Day

(RTTNews) - European shares fell to their lowest level in more than two months on Wednesday even as commodities steadied and positive data out of Japan and China helped ease global growth worries.

Closer home, German trade surplus rose to 20.8 billion euros in October from about 19.2 billion euros a month ago as imports fell more than exports, figures from Destatis showed. Exports fell 1.2 percent from the previous month, while imports declined 3.4 percent.

The British Chambers of Commerce (BCC) cut its UK gross domestic product (GDP) growth forecast for the year to 2.4 percent from a previous estimate of 2.6 percent, citing weaker-than-expected trade figures and a worse than predicted manufacturing performance.

The pan-European Stoxx 600 index was down 0.6 percent after losing around 1.8 percent the previous day. Elsewhere, the German DAX, France's CAC 40 and the U.K.'s FTSE 100 were down between 0.3 percent and 0.8 percent.

Bayer lost 2.7 percent in Frankfurt on reports European and U.S. drug safety agencies are probing a trial involving its anti-blood clotting drug Xarelto.

Automakers BMW and Daimler fell more than 1 percent each while Volkswagen shares climbed 3.5 percent. China plans to introduce a new round of subsidies for auto purchases by rural residents, Bloomberg reported, citing sources.

German chemical producer BASF shed 0.7 percent and Swiss pesticide maker Syngenta fell 1.3 percent. Dow Chemical Co. and DuPont Co. are in advanced talks to merge and a deal is expected to be announced by Thursday, media reports suggest.

Deutsche Bank dropped 1.3 percent after Fitch Ratings downgraded the bank's long-term issuer default rating and long-term senior debt ratings.

Ashtead shares soared more than 8 percent in London after the industrial equipment hire group reported strong first-half profit.

Go-Ahead Group Plc shares tumbled 3.4 percent. The provider of passenger transport services said it is disappointed not to have been awarded the Northern franchise and the TransPennine Express franchise.

Electrolux retreated 3.3 percent on the Stockholm stock exchange after the Swedish home appliances maker announced measures to structurally reduce costs.

Elsewhere, Asian stocks fell for a second straight day after oil prices took another tumble overnight and encouraging Japanese and Chinese data weakened the case for additional stimulus, at least in the near-term.

U.S. stock futures point to a mixed open after two days of steep losses.