European stocks fall from 10-day high on profit-taking

2019-05-17 10:22:44 GMT (Economies.com)
European stocks fall from 10-day high on profit-taking

European shares fell on early trading on Friday, their first loss in the last four sessions, on correction and profit-taking, after recording the highest level in ten days in the previous session, in addition to investors' assessment of developments in the ongoing US-China trade dispute.

 

Stoxx Europe 600 fell more than 0.5% at 08:37 GMT, while it ended yesterday's session up by 1.3%, its third consecutive daily gain, hitting its highest level in 10 days, supported by hopes of a near resolution to trade disputes between the European Union And the United States.

 

The index fell early on Friday in the last session of the week, to log its first loss in the past four days, on correction and profit taking activity, with most of the major bourses and sectors in the negative region.

 

The auto industry led the list of losing sectors in Europe, with a 1.6% decline, as the sector's gains for three consecutive sessions halted today, with BMW losing more than 5%.

 

Investors are closely following the developments in the US-China trade dispute, especially after recent US sanctions on the Chinese company Huawei, after The Communist Party of China's newspaper confirmed that a trade war would make China stronger.

 

S&P 500 futures fell 0.6%, and the index ended yesterday's session on Wall Street up by 0.9%, the third daily gain in a row, after strong economic data in the US, supported by corporate earnings reports.

 

Euro Stoxx 50 index fell by 0.6%. while in France, the CAC 40 index fell by 0.7%. with Germany's DAX shedding 0.5%. and London's FTSE 100 index dropping 0.4%.

 
 
 
  Symbol Last Change Chg.%
1.1214
-0.0004
0.0348%
1.2632
0.0050
0.3934%
14.981
0.113
0.760%
53.676
1.167
2.221%
62.03
-0.11
0.18%
1346.265
4.985
0.372%
 
 
US
 
Europe
 
Asia