European stocks fall for 2nd straight session on trade and political concerns

European stocks opened lower today, to extend losses for the second session, on the renewed fears of US-China trade war after Chinese yuan sharply dropped, in addition to concerns about the political turmoil in Italy.

As of 11:17 GMT, Stoxx Europe 600 fell 0.3%, as it ended Friday's session lower by 0.8%, the first loss in three sessions, after the Italian banking sector sharply fell.

The index fell on Monday, extending losses for the second session in a row, with most of the major european markets and sectors falling.

The People's Bank of China set the yuan rate on Monday at 7.0211 yuans per dollar, breaching the 7 mark for the third straight session.

President Trump said on Friday that the United States is not ready at for a trade deal with China.

The trade talks are scheduled in Washington in early September between officials of the two countries after the start of the US 10% tariffs on Chinese goods worth $300 billion.

Investors are closely following political developments in Italy after Deputy Prime Minister Matteo Salvini and the leader of the National League for Democracy proposed to withdraw confidence from the government and called for new elections.

S&P 500 futures fell more than 0.9% today, after it ended Friday's session in Wall Street lower by 0.7%, the first loss in the last four sessions.

In Europe, Euro Stoxx 50 fell 0.3%, with France's CAC 40 falling by 0.5%, while in Germany the DAX shed 0.2%, and in London the FTSE 100 fell 0.5%.