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European shares step back, Trump's China response awaited

Published 05/29/2020, 03:32 PM
Updated 05/29/2020, 03:40 PM
© Reuters.
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(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
May 29 (Reuters) - European shares pulled back on Friday as
market participants turned their focus to Washington's response
to the Chinese parliament's approval of a national security law
for Hong Kong, but major indexes were on course to finish May
with solid gains.
The pan-European STOXX 600 index .STOXX fell 0.9% by 0709
GMT, with U.S. President Donald Trump due to announce his policy
moves that could escalate tensions between Washington and
Beijing. Automobiles and parts makers .SXAP led declines with a
2.5% drop, while travel & leisure .SXTP and banks .SX7P fell
more than 2% each.
Still, hopes of a global economic recovery as policymakers
unleashed stimulus programmes and several countries emerged from
lockdowns put the STOXX 600 on course for a 3.6% monthly gain.
Hugo Boss AG BOSSn.DE fell 4.4% after Jefferies
downgraded the stock to "hold", while Renault SA RENA.PA slid
4.5% on news that it was launching talks with unions to
restructure several French car plants and confirmed plans to cut
around 15,000 jobs worldwide. Coffee maker JDE Peet's JDEP.AS , one of the few big
companies to go public during the coronavirus crisis, jumped
11.3% at the start of trading on Euronext in Amsterdam.

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