[BENGALURU] European stocks continued their decline on Monday, on the heels of this year's biggest weekly loss, as an escalation in the US-China trade war battered sentiment and prompted investors to shift into safer bets.
Germany's trade-sensitive DAX dropped 1.5 per cent, while French shares fell 1.2 per cent. London-traded stocks fell to a two month closing low, down 0.6 per cent.Graham Secker, European equity strategist at Morgan Stanley, said the near-term worsening in the risk-reward outlook for equity markets, amid rising trade tensions, may drive more traditional defensive sectors to outperform.Utilities stocks - oft-considered a defensive bet - rose 0.2 per cent.
The slide on the day took the sector index from outperforming the STOXX 600 in the year to date to underperforming the broad benchmark. While the STOXX 600 has added 10.3 per cent in 2019, auto stocks are now up 9.7 per cent. Chemicals firms slid 1.3 per cent, with polymer maker Victrex Plc diving 7.2 per cent after warning annual growth could stall following a much weaker first half due to fewer automotive and consumer electronics contracts.
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