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Europe follows Asian stocks lower as U.S.-China tensions escalate

Published 08/07/2020, 03:24 PM
Updated 08/07/2020, 03:30 PM
DTEGn
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RR
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TMUS
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STOXX
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0700
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SXEP
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(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
Aug 7 (Reuters) - European shares slipped on Friday
after their Asian peers were hit by a further escalation in
U.S.-China tensions, but an upbeat earnings season and hopes of
more stimulus kept most regional indexes on course for weekly
gains.
The pan-European STOXX 600 index .STOXX was down 0.2% by
0717 GMT, with banks SX7P , automakers .SXAP and oil and gas
firms .SXEP leading declines.
U.S. President Donald Trump on Thursday moved to ban U.S.
transactions with popular Chinese apps, Tencent's WeChat and
ByteDance's Tiktok, knocking 1% off Asia Pacific shares.
MKTS/GLOB
European markets were relatively more resilient, but
Amsterdam-listed Prosus PRX.AS , with its biggest investment in
Tencent 0700.HK , fell 5.8%.
British aero-engineer Rolls-Royce Holdings RR.L dropped
2.3% after a media report that activist shareholder ValueAct
Capital Management sold its stake in the company. Deutsche Telekom DTEGn.DE , which owns 43% of T-Mobile
TMUS.O , rose 2.1% after the U.S. firm added more monthly phone
subscribers than expected in the second quarter.

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