European Stocks Close Sharply Lower On Escalating Trade Tensions

RTTNews | il y a 64
European Stocks Close Sharply Lower On Escalating Trade Tensions

(RTTNews) - European stocks ended sharply lower on Wednesday, turning weak once again after having snapped a four-session losing streak on Tuesday. The mood turned bearish U.S. President Donald Trump pushed ahead with higher duties on roughly 60 trading partners that he dubbed the "worst offenders."

The latest set of U.S. tariffs, including a massive 104% levy on Chinese imports, and a 20% levy on European Union imports took effect today. China's finance ministry said it will impose 84% tariffs on U.S. goods from Thursday, up from the 34% previously announced.

Trump also proposed the imposition of a "major" tariff on drug imports in a bid to stimulate domestic drug production and tripled the previously announced tariff rates on low-value packages exported to the U.S. from mainland China and Hong Kong.

The European Commission is reportedly contemplating imposing tariffs of up to 25% on over 22 billion euros worth of American agricultural and industrial exports.

The pan European Stoxx 600 dropped 4.31%. The U.K.'s FTSE 100 closed down 3.54%, Germany's DAX and France's CAC 40 lost 4.06% and 4.04%, respectively, while Switzerland's SMI settled lower by 4.15%.

Among other markets in Europe, Austria, Belgium, Czech Republic, Denmark, Finland, Greece, Iceland, Ireland, Netherlands, Norway, Poland, Portugal, Russia, Spain, Sweden and Turkiye all ended with sharp losses.

In the UK market, AstraZeneca Pharma, BP, GlaxoSmithKline, Melrose Industries, Vistry Group, Smith & Nephew, Persimmon, British Land Company, Anglo American Plc, Barclays, Schroders, M&G, Shell, Segro and Intertek lost 4 to 7%.

Hikma Pharmaceuticals, Natwest Group, Haleon, Frasers Group, Prudential and Reckitt Benckiser were among the several other major losers.

JD Sports Fashion soared 11%. B&M European Value Retail, Fresnillo, Endeavour Mining, 3i Group and Airtel Africa gained 1.3 to 2.7%.

In the German market, Fresenius, MTU Aero Engines, Bayer, Deutsche Bank, Fresenius Medical Care, Merck, Vonovia, SAP, Qiagen, Henkel, Infineon, Sartorius, Deutsche Post, Sartorius, Brenntag, BMW, Mercedes-Benz, Siemens Healthineers and Allianz lost 3 to 4.5%.

In the French market, Sanofi lost more than 6%. Unibail Rodamco, Safran, Airbus Group, Saint-Gobain, Stellantis, Kering, TotalEnergies, LVMH, BNP Paribas, Michelin, ArcelorMittal, Essilor and Teleperformance closed down 3 to 5.3%.

Publicis Groupe, Capgemini, Dassault Systemes, Vivendi, L'Oreal, Societe Generale, Thales, Carrefour and Credit Agricole also ended notably lower.

read more
European Shares Set For Gap-down Open

European Shares Set For Gap-down Open

European shares are seen opening sharply lower on Friday as trade uncertainties and escalating geopolitical tensions sparked flight to safety.
RTTNews | il y a 26 minutes
European Economic News Preview: Eurozone Industrial Output, Trade Data Due

European Economic News Preview: Eurozone Industrial Output, Trade Data Due

Industrial production and foreign trade from the euro area and final inflation figures from Germany and France are the top economic news due on Friday. At 2.00 am ET, Destatis is scheduled to issue Germany's final consumer and harmonized prices and wholesale prices for May. The flash estimate showed that consumer price inflation remained unchanged at 2.1 percent.
RTTNews | il y a 1h 13min
Australian Market Doubles Early Losses In Mid-market

Australian Market Doubles Early Losses In Mid-market

The Australian stock market is doubling its early loses in mid-market moves on Friday, extending the losses in the previous session, despite the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is falling below the 8,550 level, with weakness is technology stocks partially offset by gains in gold miners and energy stocks.
RTTNews | il y a 2h 47min
Asian Markets A Sea Of Red

Asian Markets A Sea Of Red

Asian stock markets are a sea of red on Friday, despite the broadly positive cues from Wall Street overnight, amid heightening geopolitical tensions in the Middle East region after Israel launched a preemptive strike against Iran in a major escalation of the regional conflict. US officials confirmed that the U.S. had no involvement or role in the operation. Asian markets ended mixed on Thursday.
RTTNews | il y a 3h 5min
Thai Stock Market May Erase Thursday's Losses

Thai Stock Market May Erase Thursday's Losses

The Thai stock market on Thursday ended the two-day winning streak in which it had risen more than 6 points or 0.6 percent. The Stock Exchange of Thailand now rests just beneath the 1,130-point plateau and it's expected to open higher on Friday.
RTTNews | il y a 4h 12min