European Shares Extend Losses Amid Trade Jitters
European stocks fell on Friday to extend losses from the previous session as uncertainty surrounding Brexit and U.S. trade policy dented the outlook for global growth.
The pan-European Stoxx Europe 600 index was down 0.60 percent at 383.03 in late opening deals after declining 0.3 percent in the previous session.
The German DAX and France’s CAC 40 index fell over 1 percent while the U.K.’s FTSE 100 was losing half a percent.
Automakers drifted lower after U.S. President Donald Trump rejected as “not good enough” a European Union proposal scrapping tariffs on automobiles. BMW, Daimler, Volkswagen, Renault and Peugeot fell 1-2 percent.
German residential property company Vonovia dropped 1.6 percent despite the company reporting good first-half results and raising 2018 profit forecast.
Scandinavian airline SAS AB jumped 11 percent after the company raised its full-year outlook.
British accounting software firm Sage Group slumped 6 percent after its chief executive Stephen Kelly decided to step down after four years at the firm.
In economic releases, Eurozone inflation eased to 2 percent in August from a more than five-year high of 2.1 percent in July, flash data from Eurostat revealed. The European Central Bank targets “below, but close to 2 percent” inflation.
Another report showed that the Eurozone jobless rate stood at 8.2 percent in July, the same rate as seen in June, and in line with expectations, but down from 9.1 percent in July 2017. This was the lowest rate recorded in the euro area since November 2008.
A measure reflecting the current economic situation in euro area decreased in August after rising in the previous month, results of a survey by the Bank of Italy and the Centre for Economic Policy Research showed.
German retail sales growth eased more than expected in July, while France’s consumer prices grew at a steady pace in August, separate reports showed.
U.K. house prices decreased at the fastest pace since mid-2012 in August, the Nationwide Building Society said.
by RTTNews Staff Writer
Source: Read Full Article