European stocks continues to drop for second day on trade concerns

2019-12-10 14:21:50 GMT (Economies.com)
European stocks continues to drop for second day on trade concerns

European stocks fell on morning sessions on Tuesday, to deepen losses for second straight day, on risk-off move as the US date for imposing tariffs on Chinese imports worth $156 billion is approaching without any reaching any tangible results in the trade talks to complete the phase one of the trade deal.

 

Stoxx Europe 600 fell by 1.1% as of 11:40 GMT, as it closed lower by 0.2% yesterday, after the release of weak Chinese data about exports during November. 

 

The index opened today's session lower, to continue, to extend its losses for second straight day, as most of the major European exchanges and sectors fell today.

 

The technology sector saw the largest losses in Europe today, with a drop by 1.7%, followed by the automotive sector with a drop by 1.6%, as the two sectors are the the most sensitive to global trade news.

 

The US secretary of agriculture Sonny Perdue said on Tuesday, "We have a deadline coming up on the Dec.15 for another tranche of tariffs, I do not believe those will be implemented and I think we may see some backing away."

 

The ongoing trade talks between the US and China so far have not resulted in tangible results on the main points of dispute, which block the way for completing the phase one of the comprehensive trade deal.

 

S&P 500 futures fell by 0.4% today, while it closed lower by 0.3% yesterday at Wall Street, its fist daily loss in 4 days, after weak Chinese exports data renewed investors' concerns.

 

Back to Europe, the Euro Stoxx 50 index fell by 1.2%, the German DAX lost 1.5%, France's CAC 40 fell by 0.9%, and in London, the FTSE 100 lost 1.1%. 

 
 
 
  Symbol Last Change Chg.%
1.1090
-0.0030
0.2734%
1.3009
-0.0027
0.2087%
Tadawul
8459.80
27.24
0.32%
18.021
-0.083
0.456%
58.778
-0.410
0.694%
65.02
0.40
0.62%
1556.915
-5.780
0.370%
 
 
US
 
Europe
 
Asia