European Shares Slide As Trade War Fears Mount
(RTTNews) - European shares declined on Tuesday as new U.S. tariffs of 10 percent on Chinese imports took effect and China announced retaliatory tariffs and export controls, raising fears of a trade war between the world's two largest economies.
The pan European STOXX 600 was down 0.6 percent at 531.46 after falling 0.9 percent on Monday.
The German DAX, France's CAC 40 and the U.K.'s FTSE 100 were down between half a percent and 0.6 percent.
Vodafone shares slumped 6 percent in London. The telecom operator reported another revenue decline in its key German market in the third quarter.
Diageo, the world's top spirits maker, tumbled 4 percent after scrapping its long-standing sales growth guidance.
Infineon Technologies soared 10 percent. The German chipmaker lifted its full-year sales guidance after posting higher-than-expected revenue in the first quarter.
French lender BNP Paribas added nearly 2 percent after announcing a new share buyback and higher-than-expected dividend.
Swiss bank UBS fell 2.4 percent despite posting better-than-expected profit for the final quarter of 2024.
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