European equities dive

European equities dive

On Thursday, European stocks reversed early profits due to the fact UK Prime Minister Theresa May's cabinet was plunged into fresh downtime over Brexit, with cars as well as banking shares leading the divers.

The resignation of two UK cabinet ministers provoked a rout in British housebuilders and financial institutions, while traders kept fretting about Rome's conflict with Brussels as well as Washington's row over trade with China.

The STOXX 600 index declined by 0.5%, with Spanish, French, and German stocks firmly in negative territory. As for Britain's FTSE 100, it didn’t change.

Optimism after China came up with a written response to American demands for wide-ranging trade reforms ahead of a highly-anticipated gathering between the two leading economies’ presidents faded away because fears over a global economic deceleration resumed.

Autos (SXAP) slipped by 1.4% because the Chinese cabinet doused expectations that China was ready to reduce car purchases taxes for the purpose of stimulating demand and boosting the world's number two economy.

As for Daimler, it found itself at the bottom of the DAX because it was also impacted by a Citi downgrade.

The banking sector, which is the worst performing industry along with cars in 2018, also dived by 1.8% led by British financial institutions because the UK pound sagged after the cabinet resignations.

Capita Plc went down by 7.8%, getting to the bottom of the STOXX 600 index.

As for basic materials stocks SXPP, they were seen among the few gainers, adding 0.3% backed by higher copper as well as industrial metals prices, not to mention a weaker greenback.

In addition to this, UK asset manager Intermediate Capital Group soared by 9.4%, getting to the top of the STOXX as well as London's FTSE midcap index having posted record net profits.

French conglomerate Bouygues tacked on by 3.4% having reported better-than-anticipated nine-month gains.


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