Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

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
-
CNA
-
STOXX
-
SXPP
-
LIGHT
-

(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.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.