The latest episode in a trade dispute between the United States and
other major economies sent European shares further into a funk on Monday
with benchmarks down 0.7 to 1.4 percent.
A report that U.S. President Donald Trump plans to bar many Chinese
companies from investing in U.S. technology firms and block more tech
exports to Beijing hit Asian stocks overnight and dented early European
trading.
Europe’s tech sector .SX8P fell 0.9 percent on the news.
More disrupted by trade war worries was the autos sector .SXAP, a key target for Trump who said on Friday he aimed to hike tariffs on EU car imports by 20 percent. It fell 1.4 percent, set for its seventh straight day of losses.
The pan-European STOXX 600 declined 0.7 percent while Germany’s exporter- and autos-heavy index fell 0.9 percent.
Bank stocks .SX7P were the worst-performing, with Commerzbank (CBKG.DE) and Deutsche Bank (DBKGn.DE) bottom of the DAX while HSBC (HSBA.L), Santander (SAN.MC) and UBS (UBSG.S) were among the biggest fallers Europe-wide.
Italian cable maker Prysmian (PRY.MI) fell 4.7 percent, the biggest loser on the STOXX, at the open after it cut its guidance due to additional expected costs related to issues with its UK WesternLink undersea cable project.
Danish medical equipment maker Ambu (AMBUb.CO) jumped 6.5 percent to the top of the STOXX after JP Morgan started coverage of it with an “overweight” rating.
Telenet (TNET.BR) also gained 5 percent after starting a 300 million euro share buyback programme.
IWG (IWG.L) rose 5.2 percent after confirming it received a possible cash offer from private equity firm Terra Firma and is evaluating it.
Europe’s tech sector .SX8P fell 0.9 percent on the news.
More disrupted by trade war worries was the autos sector .SXAP, a key target for Trump who said on Friday he aimed to hike tariffs on EU car imports by 20 percent. It fell 1.4 percent, set for its seventh straight day of losses.
The pan-European STOXX 600 declined 0.7 percent while Germany’s exporter- and autos-heavy index fell 0.9 percent.
Bank stocks .SX7P were the worst-performing, with Commerzbank (CBKG.DE) and Deutsche Bank (DBKGn.DE) bottom of the DAX while HSBC (HSBA.L), Santander (SAN.MC) and UBS (UBSG.S) were among the biggest fallers Europe-wide.
Italian cable maker Prysmian (PRY.MI) fell 4.7 percent, the biggest loser on the STOXX, at the open after it cut its guidance due to additional expected costs related to issues with its UK WesternLink undersea cable project.
Danish medical equipment maker Ambu (AMBUb.CO) jumped 6.5 percent to the top of the STOXX after JP Morgan started coverage of it with an “overweight” rating.
Telenet (TNET.BR) also gained 5 percent after starting a 300 million euro share buyback programme.
IWG (IWG.L) rose 5.2 percent after confirming it received a possible cash offer from private equity firm Terra Firma and is evaluating it.
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