- European shares were deep in the red on Monday after U.S. President Donald Trump unexpectedly ratcheted up trade tensions between the world’s largest economies by vowing to hike tariffs on Chinese goods by this week, prompting investors to flee riskier bets.
Oil prices slumped and Asian shares took a beating after Trump, in an unexpected move to mount pressure on China, said on Sunday that trade talks were proceeding “too slowly”, and that he would raise tariffs on $200 billion of Chinese goods and target hundreds of billions more soon. “Optimism had only just been picking up on hopes that China’s economy was finding stability and this threat from Trump risks derailing that train in a hurry,” said Han Tan, Market Analyst at FXTM.Latest survey showed the euro zone economy limped into the second quarter with lackluster growth as weakness in the manufacturing sector is increasingly affecting the bloc’s dominant services industry.
Luxembourg-based Stabilus slipped after the auto supplier cut its full-year guidance on account of the ongoing weakness in the global auto industry.
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