European stocks fall after weak Chinese data and tensions in Middle East

2019-06-14 10:29:10 GMT (

European shares fell in early trading on Friday in the last session of the week, their second loss in the last three sessions, on investors' risk-aversion as geopolitical tensions in the Middle East escalated between the United States and Iran, as well as weak data in China, which has renewed fears of a second slowdown for the world's second largest economy.


As of 08:45  GMT, Stoxx Europe 600 fell more than 0.4% while the index ended higher by 0.2% yesterday, after shedding 0.3% in the previous day on profit taking from the highest level in about five weeks.


The index fell early on Friday in the last session of the week, the second loss in the last three sessions, with most of the major stock exchanges and sectors in the red zone.


The technology sector led the list of losing sectors in Europe with a drop of more than 1.5%, on renewed fears of a global economy recession.


The United States has blamed Iran for the attacks on Norwegian and Japanese oil tankers near the Strait of Hormuz, which has raised the tensions between the two countries in an unprecedented way since US President Donald Trump's withdrawal from Iran's nuclear deal in 2015.


The US military has released video footage that allegedly showed Iran's Revolutionary Guards removing an unexploded mine from a damaged tanker, a charge Tehran vehemently denies.


In China, government data showed the industrial production growth in May, slowing at the lowest pace in more than 17 years, recording a 5.0% growth rate, lower than the 5.4% forecast, and the 5.4% production rate during April, in the latest sign of weak demand In the world's second-largest economy.


S&P 500 futures fell more than 0.3%. while the index ended yesterday's session on Wall Street, up by 0.4%, boosted by gains in the energy sector after a major rise in oil prices.


Euro Stoxx 50 index fell by 0.5%. with France's the CAC 40 index falling by 0.3%. while in Germany, the DAX fell by more than by 0.7%. with London's FTSE 100 dropping about 0.4%.

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