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European shares sink after China hint on rare metals

Published 05/29/2019, 03:19 PM
Updated 05/29/2019, 03:20 PM
European shares sink after China hint on rare metals
FCHI
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DE40
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MFEB
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PSMGn
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STOXX
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SX8P
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SX7P
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SXAP
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SXPP
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(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
May 29 (Reuters) - European shares slipped on Wednesday, as
Chinese newspapers warned Beijing was ready to use its supply of
rare metals in an increasingly bitter trade dispute with the
United States, sending investors scurrying for perceived safe
havens globally.
The pan-European STOXX 600 .STOXX index sank 0.9% by 0712
GMT with Frankfurt's DAX .GDAXI , typically sensitive to trade
headlines, and Paris's CAC .FCHI shedding 1% and 1.2%, each.
Slowing growth concerns, stemming from a fears of a
protracted trade war, have put the pan-regional index on track
for its first monthly fall this year.
Exacerbating trade concerns, China's cellphone maker Huawei
Technologies Co Ltd HWT.UL , which has been blacklisted by the
United States, on Tuesday filed a lawsuit against the U.S.
government in a bid to fight the curbs. Taking the biggest hit from the risk aversion were Europe's
auto .SXAP and mining .SXPP stock indexes, down 1% and 1.7%
each while technology .SX8P were weighed down by semiconductor
shares.
The bank index .SX7P also shed 1.3% as Italy's dispute
over its budget with the European Union continued to hurt
sentiment.
The top gainer on the STOXX 600 was Prosiebensat.1
PSMGn.DE which jumped 12% after Italy's Mediaset MS.MI
announced it had acquired 9.6% of the share capital of the
German broadcaster. Mediaset shares rose more than
2%.

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