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REFILE-European shares retreat as Hong Kong bill spurs trade tensions again

Published 11/28/2019, 04:27 PM
REFILE-European shares retreat as Hong Kong bill spurs trade tensions again
STOXX
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SX8P
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SXAP
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VMUK
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(Corrects typo in headline)
Nov 28 (Reuters) - European shares pulled back from
near-record highs on Thursday, as U.S. President Donald Trump
signed into law a bill backing protesters in Hong Kong, sparking
doubts about the resolution to a prolonged tariff war between
Washington and Beijing.
The law, which warns of sanctions against human rights
violations in Asia's financial hub amid pro-democracy protests,
drew a sharp rebuke from China for what it views as U.S.
interference in an internal matter. The diplomatic standoff threatens to derail negotiations on
a trade truce between the world's top two economies. Investors
had turned optimistic that at least a partial trade deal would
be signed by the end of the year.
Shares of trade-sensitive auto parts makers .SXAP and tech
firms .SX8P led declines on the pan-European STOXX 600 index.
The benchmark index .STOXX was down 0.3% by 0806 GMT.
In a bright spot, Virgin Money UK Plc VMUK.L jumped 7.3%
to the top of the STOXX 600 as traders reacted positively to
provisions for the PPI misselling scandal which were within its
previous expectations. Focus now shifts to a raft of economic indicators, including
euro zone consumer confidence data and preliminary November
inflation figures from Germany, due later in the day.

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