Maersk slumps 7% as the end of U.S. port strikes weighs on European shipping stocks

Shares of Moller-Maersk slumped on Friday as European shipping companies fell on the conclusion of a U.S. port strike.

A prolonged strike would have provided a boost for European shippers to take a larger share of global supply chain demands.U.S. dockworkers and the United States Maritime Alliance on Thursday brokered a tentative deal on wages and extended their existing contract through Jan. 15 to provide time to negotiate a new agreement.

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