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European shares slide as trade worries ramp up again

Published 11/21/2019, 04:41 PM
Updated 11/21/2019, 04:56 PM
European shares slide as trade worries ramp up again
FCHI
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DE40
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STLAM
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TKAG
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STOXX
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IDSI
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SX8P
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SXEP
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SXPP
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(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
Nov 21 (Reuters) - European shares slid on Thursday after
U.S. legislation on Hong Kong fueled more worries that a "phase
one" trade deal between Washington and Beijing would not be
formed anytime soon.
Most European subsectors were deep in the red, with miners
.SXPP , technology .SX8P and oil & gas companies .SXEP -
which are most exposed to global trade tensions - dropping about
1% each.
In a move sure to anger China, U.S President Donald Trump is
expected to sign two bills passed by Congress intended to
support protesters in Hong Kong. That followed a Reuters report
that completion of a "phase one" U.S.-China trade deal could
slide into next year. The reports sent the pan-European STOXX 600 index .STOXX
sliding 0.7% in its fourth day of losses, while trade-sensitive
shares of Germany .GDAXI and France .FCHI dropped 0.6% and
0.7%, respectively.
British postal company Royal Mail RMG.L slumped 13% to the
bottom of the STOXX 600, after saying its plan to expand its
parcels business internationally was behind schedule even as it
posted a first-half operating profit. Thyssenkrupp TKAG.DE dropped 8.8%. The German conglomerate
scrapped its dividend after its full-year net loss widened
five-fold. Fiat Chrysler FCHA.MI was down 3.6% after General Motors
GM.N filed a racketeering lawsuit, alleging that its rival
bribed United Auto Workers (UAW) union officials over many years
to corrupt the bargaining process and gain advantages.

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