EUROPE MARKETS: Europe Stocks Turn Lower After China Threatens Reaction To U.S. Tariffs
August 15 2019 - 6:23AM
Dow Jones News
By Steve Goldstein, MarketWatch
A fledgling recovery in European stocks was stamped out on
Thursday after China threatened countermeasures to U.S.
tariffs.
After a 1.68% tumble on Wednesday, the Stoxx Europe 600 dropped 0.7% to 363.69.
The German DAX weakened 0.64% to 11419.64 and the French CAC 40
declined 0.43% to 5228.51.
The U.K. FTSE 100 , weighed down by companies trading without
the right to the next dividend payment, weakened fell 0.85% to
7086.77.
What's happening
In the wake of weak German and Chinese economy data, the U.S.
yield curve inverted on Wednesday, with the 2-year yield rising
above the 10-year yield -- which has happened ahead of the last
five recessions.
(https://fred.stlouisfed.org/graph/graph-landing.php?g=oCUz)
On Thursday, the yield curve uninverted -- the 10-year yield was
once again higher than the 2-year .
News that China threatened countermeasures to U.S. tariffs
reversed an early gain in U.S. stock futures . There's a wave of
economic data to come, including on weekly jobless claims, retail
sales and manufacturing sentiment in New York and Philadelphia,
after the Dow Jones Industrial Average tumbled 800 points on
Wednesday.
In the U.K., retail sales grew a surprisingly strong 3.3% in
July compared to a year ago, according to the Office for National
Statistics. See:Amazon Prime Day boosts British retail sales in
July
(http://www.marketwatch.com/story/amazon-prime-day-boosts-british-retail-sales-in-july-2019-08-15)
Focus stocks
A.P. Moller-Maersk (MAERSK-B.KO) (MAERSK-B.KO) shares initially
rose as the shipping group reported a better than forecast
second-quarter profit on slight 0.5% revenue growth, but turned
lower on trade war concerns.
Carlsberg (CARL-A.KO) rallied 4% as the brewer reported largely
in-line first-half results, with particularly strong results in
Asia. Carlsberg shares have surged 44% this year.
Aegon (AGN.AE) shares tumbled 7% as the Dutch insurer reported a
decline in its solvency ratio, which is a measure of its
balance-sheet strength.
(END) Dow Jones Newswires
August 15, 2019 06:08 ET (10:08 GMT)
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