European stock markets conclude down

European stock markets conclude down

On Thursday, most European stock indexes sank following news that China is preparing to introduce duties on new categories of goods imported from the United States.

The index of the key enterprises of the region, the Stoxx Europe 600 dived 0.47% hitting 367.33.

The British indicator FTSE 100 tacked on 0.05%, the French CAC 40 dived 0.2%, the German DAX headed south 0.37%. The Spanish IBEX 35 went down 0.38%, the Italian FTSE MIB declined 0.3%.

Beijing announced its intention to impose a 25% on up to 106 items of American goods exported to China, including such important export items as airplanes and soybeans. This will be a response to the US intention to impose duties on the list of goods imported from China for a total of $50 billion.

Corporate performance is still high, although market participants view the tension in US-China trade relations as a soaring threat to the surge of the global economy.

Mining companies turn to be among the most sensitive to the development of the situation with the global trade war, as China is the world's leading consumer of metals.

On Wednesday, equities of Anglo American Plc headed south 3.2%, Rio Tinto Plc along with BHP Billiton declined 2.5%.

The price of securities of the British WPP Plc dived 2%. The largest advertising group around the globe told that it is currently investigating allegations against CEO Martin Sorrell, suspected of improper behavior, squandering of the company’s funds as well as abuse of office.

The market value of car makers headed south, including Germany's Volkswagen AG by 0.7%, Daimler AG by 0.9% and BMW AG by 1.9%. As for French Renault, it lost 1%, while the Italian-American Fiat Chrysler Automobiles NV sank 0.5%.

In February, unemployment in 19 eurozone countries inched down to 8.5%, compared to 8.6% in the previous month, according to figures from the Statistical Office of the European Union. That’s the lowest outcome since December 2008.

 

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