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European shares retreat from 3-week highs on U.S.-China trade jitters

Published 06/12/2019, 03:30 PM
Updated 06/12/2019, 03:40 PM
European shares retreat from 3-week highs on U.S.-China trade jitters
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(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
June 12 (Reuters) - European shares pulled back from
three-week highs on Wednesday after the United States toughened
its stance on trade with China and data from Beijing showed
factory inflation slowed in May, deepening fears of a global
economic slowdown.
President Donald Trump said on Tuesday he was holding up a
trade deal with China and had no interest in moving ahead unless
Beijing agrees to four or five "major points" which he did not
specify. The pan-regional STOXX 600 index .STOXX fell 0.45% by 0713
GMT, with the tariff-sensitive technology sector .SX8P down
0.76%.
Also weighing down the sector was a 1.2% fall in shares of
Dassault Systemes DAST.PA after the French technology company
agreed to buy Medidata Solutions MDSO.O , a U.S. software
company involved in the sphere of clinical trials, in a deal
worth $5.8 billion. Trump also took aim at the Federal Reserve, saying interest
rates were "way too high", ahead of a reading on U.S. inflation
that could shift the odds for an early cut in rates.
Italy's FTSE MIB .FTMIB fell 0.38% and its banking index
.FTIT8300 dropped 0.63% after the European Union moved closer
to taking disciplinary action over the country's growing debt.
However, authorities in Rome made tentative steps to avert a
procedure that could saddle the country with large fines and
alienate investors. Axel Springer SPRGn.DE jumped 12.4% after funds controlled
by U.S. private equity investor KKR KKR.N offered 63 euros a
share to buy out minority shareholders of the German publisher.

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