ZCZC
BCN-38
MARKETS-EUROPE-OPEN
European stock markets slump after trade war escalates
LONDON, Aug 2, 2019 (BSS/AFP) – European stock markets tumbled at the
start of business on Friday after US President Donald Trump dramatically
escalated the trade war with China by slapping tariffs on $300 billion of
goods.
London’s blue-chip FTSE 100 index fell 1.6 percent in early trading, while
the DAX 30 in Frankfurt slumped 2.2 percent and the CAC 40 in Paris tumbled
2.3 percent.
“Europe has opened deep in negative territory on the final day of the week
as investors respond to another escalation in the US-China trade war,” said
Craig Erlam, senior market analyst at online currency trading platform Oanda.
Trump slapped the 10 percent tariffs on $300 billion of Chinese goods from
September 1 after high-level talks were held this week in Shanghai to resolve
their trade dispute.
“Expectations for the talks were low but few expected the week would end
in more tariffs,” said Erlam.
BSS/AFP/HR/1500