Breaking News

Wednesday 4 April 2018

Europe markets edge lower amid heightened fears of a trade war; WPP falls 3%

Europe markets edge lower amid heightened fears of a trade war; WPP falls 3%

The pan-European Stoxx 600 was down around 0.2 percent during early morning deals, with most sectors and major bourses in negative territory.
  • Technology stocks led the losses on Wednesday, down 0.8 percent amid trade concerns.
  • Late on Tuesday, President Donald Trump revealed plans for a 25 percent tariff on a range of Chinese imports in retaliation for what the U.S. administration alleged had been decades of state-backed intellectual property theft by Beijing.















European markets were slightly lower Wednesday morning, as elevated concerns of a tit-for-tat trade war between the world's biggest economies overshadowed a bounce on Wall Street.
Symbol
Name
Price
 
Change
%Change
Volume
FTSE FTSE 6999.40
 
-31.06 -0.44% 180209799
DAX DAX 11846.94
 
-155.51 -1.30% 29939181
CAC CAC 5124.86
 
-27.26 -0.53% 24063663
IBEX 35 --- ---
---
--- --- ---
The pan-European Stoxx 600 was down around 0.2 percent during early morning deals, with most sectors and major bourses in negative territory.
Technology stocks led the losses, down 0.8 percent amid trade concerns. President Donald Trump revealed plans for a 25 percent tariffs on some 1,300 industrial technology, transport and medical products in retaliation for what the U.S. administration alleged had been decades of state-backed intellectual property theft by Beijing. Austria Microsystems, Micro Focus and Ericsson were all more than 1 percent lower on the news.

Meanwhile, oil and gas stocks were among the few sectoral gainers on Wednesday, up 0.3 percent during early morning deals. Oilfield services firm Subsea 7 rallied around 3 percent shortly after the opening bell.

Looking at individual stocks, WPP slumped towards the bottom of the European benchmark after the advertising giant said it was investigating CEO Martin Sorrell over "an allegation of personal misconduct." The group's shares were off by more than 3 percent.

Elsewhere, Swiss Re said Wednesday that talks with SoftBank over a minority stake of no more than 10 percent in the reinsurance giant were continuing "at an early stage," according to a Reuters report. Shares of Swiss Re were 2 percent lower on the news.

Trade showdown

In response to the Trump administration's move to impose further charges on Chinese products, China's commerce ministry immediately said it was already preparing to take countermeasures of equal intensity against Washington.
In Asia, Japan's Nikkei edged 0.1 percent higher while South Korea's index eased 0.2 percent as investors remained cautious. Wall Street had rallied in the previous session as investors looked forward to what is expected to be a robust earnings season.
Back in Europe, Johnston Press is poised to report its latest figures on Wednesday.
Meanwhile, the euro area is set to publish flash core inflation and unemployment rate data at around 10:00 a.m. London time.

No comments:

Post a Comment