European Stocks Fall as Trump Threatens More $100b Tariffs on Chinese Imports

April 6, 2018
european stocks close

By Investors Hub

European stocks have fallen on Friday after U.S. President Donald Trump vowed an additional $100 billion in tariffs on Chinese imports, dashing hopes for a cooling of trade tensions.

While the German DAX Index has fallen by 0.8 percent, the French CAC 40 Index is down by 0.5 percent and the U.K.?s FTSE 100 Index is down by 0.3 percent.

Marks & Spencer has tumbled in London after Citigroup downgraded its rating on the retailer?s stock to Neutral from Buy.

Deutsche Bank shares have also dropped after Bloomberg reported Matt Zames, a former JPMorgan Chase executive, is among candidates contacted by recruiters in recent weeks to replace the German bank’s Chief Executive Officer John Cryan.

Vivendi has moved to the downside after the French media firm announced its proposed list of candidates for Telecom Italia’s board.

Meanwhile, Telecom Italia has rallied after Italian state lender CDP said it would buy a 5 percent stake in the firm. Utility Suez has also moved higher in reaction to a bullish broker note.

On the data front, German industrial production unexpectedly declined in February, data from Destatis revealed. Output dropped 1.6 percent in February, in contrast to a revised 0.1 percent uptick in January.

France’s trade deficit narrowed to 5.2 billion euros in February from 5.4 billion euros in January as the pace of decline in imports outpaced the fall in exports, the customs office said.

Separately, data from the Bank of France showed that France’s seasonally and working-day-adjusted current account deficit stood at 2.0 billion euros in February, unchanged from January.

Dipo Olowookere

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.

Mr Olowookere can be reached via [email protected]

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