European shares retreat on trade war jitters

  • by Ofeed Team
  • May 15, 2019, 17:39 AM
  • 64 Views
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European shares fell on Wednesday after a rebound on Tuesday, despite US president Donald Trump's softer tone over the lingering trade tensions between China and the United States.

Trump described on Tuesday the trade dispute with China as a "slight disagreement" and expressed optimism about reaching an agreement. His remarks contributed to the recovery of the markets from the lowest level in two months.

Trump said he had an "extraordinary" relationship with his Chinese counterpart Xi Jinping, and the trade talks have not yet been over, whilst China expressed its consent to resume trade talks.

However, there is still high uncertainty whether the two sides would reach an agreement at the end or the escalation will continue. 

The Euro Stoxx 600 index shed 0.64 percent to 373.92, as of 13:25 GMT, where Italian and Spanish indices reported a wave of losses after some bad results from their banks.

The trade-sensitive German Benchmark DAX sagged 0.82 percent to 11,892.24, shrugging off today’s GDP report that showed Europe’s biggest economy returned to growth in the first quarter of 2019.

France’s CAC 40 index slipped 0.68 percent to 5,305.27, Italy’s FTSE MIB slumped 1.56 percent to 20,566.30 and Spain’s IBEX 35 tumbled 0.56 percent to 9,076.10.

Meanwhile, U.S. stocks also traded in red, trailing losses in Europe.

Ofeed Team

Ofeed’s team is comprised of highly distinguished analysts, with a wide experience in financial markets, having a unique analytical view of developments impacting global financial markets

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