European Stocks Extend Losses as Global Trade War Fears Heighten

By Investors Hub

European stocks are extending losses from the previous session as increased fears of a global trade war dented investor sentiment and spurred demand for safe-haven assets.

While the U.K.?s FTSE 100 Index has fallen by 0.4 percent, the French CAC 40 Index and the German DAX Index are down by 1.3 percent and 1.4 percent, respectively.

Credit Suisse Group has moved to the downside after the Swiss banking giant announced that proposed total compensation for CEO Tidjane Thiam for 2017 would be 9.70 million Swiss francs, 5 percent lower than the prior year.

German biotechnology company MorphoSys has also fallen after the company filed a Registration Statement on Form F-1 with the SEC to raise up to $150 million in an initial public offering on the Nasdaq.

Engineering company Smiths Group has fallen sharply after its first-half profit fell due to higher research costs and lower margin.

Meanwhile, Next Plc has jumped. After reporting a marginal decline in total sales in the year through January 2018, the apparel chain said it sees a more favorable pricing environment in the coming year.

GlaxoSmithKline shares have also rallied after the company said it has withdrawn from the race to buy Pfizer’s consumer healthcare business.