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European markets closed sharply lower on trade concerns

By the end of selling Monday, the pan-European Stoxx 600 was provisionally 2.02 percent shame for the session with every sector in the red. The FTSE 100 closed discredit by 2.26 percent.

Autos were among the worst performing sectors, down by 2.34 percent, as a sequel of the rising tensions in trade. On Friday, President Donald Trump jeopardized to apply new duties on European carmakers. The European Union has said that it would empathize with with further U.S. tariffs if Trump fulfilled his threat.

Basic Resources was the biggest faller, notwithstanding how. The basket of mining stocks listed in Europe was down almost 3.76 percent as do business war fears persisted.

Another stark Brexit warning to the U.K. government arrived from big occupation. Just days after Airbus announced it could reduce British runnings., the German automaker BMW said Brexit could force U.K. plant closures. BMW involves around 7,000 people in the U.K.

Looking across the European benchmark, Ambu begin about 6.6 percent, after JP Morgan gave it an overweight place.

Quilter shares finished up by 0.87 percent on its first trading day on the London Funds Exchange. The wealth management division of the financial services group Old Communal listed at a price of 145 pence a share.

At the other end of the index was Prysmian, lock off by more than 9.5 percent following a profit warning. The U.K.’s largest fortune agent group, Countrywide, saw its shares falling by more than 28 percent, after issuing its subordinate profit warning this year.

Meanwhile, German Chancellor Angela Merkel contemplated she would be looking to do a direct deal with different European boondocks to solve the migration program, given that they did not manage to reach a European-wide contract during a meeting on Sunday. Merkel needs to address the high even of migrants coming to Germany amid fierce opposition within her inner encircle that could threaten her leadership.

In Turkey, Tayyip Erdogan commanded victory on Sunday after a presidential election. The head of the country’s electoral remains said Erdogan had an absolute majority.

The Ifo business climate survey broadcasted Monday showed that German companies are at their least reliant in more than a year. The business climate index dropped to 101.8, the smuttiest level seen since May 2017.

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