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European stocks drop, kick off May on dour note

Published 05/04/2020, 03:38 PM
Updated 05/04/2020, 03:40 PM
© Reuters.
FCHI
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DE40
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TKAG
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DLGS
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SX8P
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SXEP
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SX7P
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SXAP
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(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
May 4 (Reuters) - European stocks tumbled on Monday as
investors returned from a May Day break to a fresh spat between
the United States and China over the coronavirus crisis that
triggered losses in cyclical sectors.
The pan-European STOXX 600 fell 2.5% in a downbeat start to
May after the index recorded a 6% gain in April.
Oil & gas .SXEP , automakers .SXAP , banking .SX7P and
technology indexes .SX8P were the biggest drags on the index,
falling between 3.6% and 5%.
Germany's Thyssenkrupp TKAG.DE slumped 13% after a report
that the pandemic could cause a new financial squeeze despite
the sale of its elevator business. Adding to U.S. President Donald Trump's threat last week to
impose tariffs on China, Secretary of State Mike Pompeo said on
Sunday there was "a significant amount of evidence" that the new
coronavirus emerged from a Chinese laboratory. Germany's DAX .GDAXI fell 3.3%, with additional pressure
from chipmaker Dialog Semiconductor DLGS.DE after it withdrew
2020 outlook. France's CAC 40 .FCHI dropped 3.8%.

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