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European Stocks Crumble as Trump’s Comments Worry Investors

By Investors Hub

European stocks have moved mostly lower on Friday as investors digest President Donald Trump’s comments on the Federal Reserve and watch movements in the Chinese yuan.

Trump said that he is “not thrilled” with interest rate hikes by the Fed but claimed he respects the independence of the central bank.

China’s central bank lowered its yuan midpoint for the seventh straight trading day, stoking concerns that Beijing could turn a trade war into a currency war.

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While the U.K.?s FTSE 100 Index has edged down by 0.2 percent, the French CAC 40 Index and the German DAX Index are down by 0.6 percent and 0.7 percent, respectively.

Automakers BMW, Volkswagen, Renault and Peugeot have moved to the downside as U.S. officials work towards slapping tariffs on foreign cars and vehicle parts.

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Finland’s Stora Enso, a pulp and paper manufacturer, has moved sharply lower after its second quarter earnings came in below expectations. Food processor Wessanen has also slumped after posting weaker-than-expected second-quarter results.

Suedzucker has tumbled in Frankfurt. The company’s CEO Wolfgang Heer said the situation in the sugar market would normalize after a transition phase.

British insurer Beazley has also fallen after its first-half profits dropped by almost two-thirds due to rising U.S. interest rates.

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Meanwhile, Anglo-Dutch consumer giant Unilever has advanced after announcing the successful completion of a share buyback program.

French technology company Thales has also moved to the upside. The company confirmed its full-year objectives after reporting a sharp jump in first-half net profit.

Rémy Cointreau has also jumped after the wine and spirits company confirmed its guidance after posting muted growth in first quarter sales.

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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