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

📆 8/2/2019 8:01 PM
📰 BusinessTimes

⏱ Reading Time:
23 sec. here
2 min. at publisher
📊 Quality Score:
News: 12%
Publisher: 51%

United States News News

United States United States Latest News,United States United States Headlines

[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.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

Write Comment

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Europe: Stocks open lower as US rate cut disappoints[LONDON] European stock markets opened lower Thursday, finding no support in the US central bank's widely expected interest rate cut, dealers said. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »