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Escalating U.S.-China tensions weigh on European stocks

Published 07/24/2020, 03:36 PM
Updated 07/24/2020, 03:40 PM
© Reuters.
EQNR
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CNA
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(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
July 24 (Reuters) - European shares fell on Friday as global
sentiment soured after Beijing ordered United States to close
its consulate in a Chinese city in retaliation to similar action
from Washington.
The pan-European STOXX 600 index .STOXX fell 1.5%, on
track for its biggest one-day drop in a month, pushing it into
losses for the week.
Technology stocks led losses following a sell-off in U.S.
peers overnight, while the China-sensitive basic materials
sector .SXPP lost 1.9% .N
Investors will be on the lookout for euro zone manufacturing
and service PMIs due at 0800 GMT. After last month's rise, the
numbers are expected to cross above the 50 point mark which
separates contraction and growth, as businesses reopened after
closures to stem the spread of the coronavirus. This comes after data on Thursday showed euro zone consumer
confidence fell in July. British Gas owner Centrica CNA.L surged 30% to top the
STOXX 600, despite posting lower first-half earnings as it
announced plans to sell its North American business Direct
Energy to NRG Energy for $3.63 billion. Norwegian energy company Equinor ASA EQNR.OL rose 0.5%
after reporting an 89% drop in operating profit, while analysts
had expected a loss. The world's biggest lighting maker, Signify NV LIGHT.AS
jumped 4.5% after a 62% jump in second-quarter net profit, and
on plans to pay down 350 milllion euros ($406 million) in debt
this year.

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