European Shares Extend Losses On Growth Worries

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(RTTNews) - European shares traded lower on Friday, extending steep losses from the previous session after U.S. President Donald Trump announced significantly harsher-than-expected tariffs.

Investors were also reacting to mixed economic readings from Germany and France.

German factory orders stagnated unexpectedly in February even though U.S. importers brought forward imports to beat the impending tariffs, Destaits reported today.

New orders in the manufacturing sector remained unchanged in February, reversing a 5.5 percent drop in January. Orders were forecast to grow 3.4 percent.

Elsewhere, French industrial production grew 0.7 percent month-on-month in February, in contrast to the 0.5 percent decrease in January, figures from the statistical office INSEE showed. Economists had forecast output to grow 0.5 percent.

Likewise, manufacturing output advanced 1.4 percent after a 0.5 percent drop in the previous month.

The pan European STOXX 600 was down nearly 2 percent at 512.84 after tumbling 2.6 percent on Thursday, the biggest daily loss in eight months.

The German DAX fell 1.9 percent, France's CAC 40 shed 1.5 percent and the U.K.'s FTSE 100 declined 1.6 percent.

Miners Anglo American, Antofagasta and Glencore plunged 5-6 percent as copper prices plummeted in London.

BP Plc shares fell 2.8 percent and Shell was down nearly 3 percent as oil prices fell nearly 2 percent today and remained on track for the worst week in months on concerns about a possible recession in the U.S. and other developed countries.

JPMorgan has raised the probability of a global recession this year to 60 percent, from a previous 40 percent.

AstraZeneca declined 1.3 percent, ASM International tumbled 3.5 percent and Infineon Technologies slumped 4.5 percent as U.S. President Trump said tariffs on pharmaceutical and semiconductor imports will be announced soon.

Sodexo SA plunged 4.2 percent after reporting a 3.5 percent rise in half-year revenue.

Gerresheimer plummeted 14 percent after reports said KKR has abandoned a private equity consortium discussing a takeover of the German speciality packaging company.

Swiss Shares Extend Losing Streak

The Swiss stock market closed under pressure again on Tuesday, stretching its losing streak to three sessions while giving up more than 130 points or 1.1 percent in that span.

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Eurozone Inflation Path Suggests ECB Unlikely To Cut Rates Further

Euro area inflation modestly accelerated to a four-month high, and the core figure was steady around the 2 percent target in August as a slight slowing in both food price growth and services inflation was offset by a smaller decline in energy prices, which suggests that the European Central Bank is set to hold interest rates steady in future policy sessions.

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European Markets Finish In The Red On Tuesday

The major European markets finished firmly under water on Tuesday after Eurostat data showed Eurozone inflation rose to 2.1 percent last month, climbing above the European Central Bank's 2 percent target for the first time since April driven by higher prices for food, alcohol and tobacco.

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U.S. Construction Spending Unexpectedly Edges Lower In July

A report released by the Commerce Department on Tuesday showed construction spending in the U.S. unexpectedly edged slightly lower in the month of July. The Commerce Department said construction spending slipped by 0.1 percent to an annual rate of $2.139 trillion in July after falling by 0.4 to a revised rate of $2.141 trillion in June.

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