Europe: Trump's China tariff drives stocks to worst day in 7 months

📆 2019-08-02 10:01 PM
📰 BusinessTimes

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[BENGALURU] A slump in shares of automakers, miners and chipmakers led European stocks to their biggest losses in more than seven months on Friday after Washington's announcement of new tariffs on Chinese goods raised fears of a further hit to global growth. Read more at The Business Times.

The technology index, which includes chipmakers that rely heavily on China for their revenue, dropped 3.7 per cent. Shares of Siltronic, Infineon, STMicro and ASML dropped 4.8 per cent to 6.3 per cent.Most of Europe's main markets were set for their worst week since May, when a sudden breakdown in trade talks between China and the United States hammered markets.

However, a spike in trade tensions again pushed money markets to bet the Fed and the ECB will cut rates next month. Royal Bank of Scotland fell 6.5 per cent after warning that deteriorating economic conditions before Brexit were likely to derail next year's profitability, while French lender Credit Agricole dropped 4.9 per cent after it said that a weak performance at its corporate and investment unit had weighed on its profits.

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