Markets

European stocks give up 4-year high on profit taking

2019-11-08 11:37:12 GMT (Economies.com)

European stocks fell in Friday's early trading, to head for the first daily loss in the last 6 sessions, on marked profit-taking activity from the 4-year highs hit yesterday, in addition to renewed concerns about the collapse of the trade talks between China and the US.

 

Stoxx Europe 600 fell by 0.3% as of 08:35 GMT, as it closed higher by 0.4% yesterday, in its the fifth straight daily gain and hit the highest level since July 2015, on hopes about the continuous positive developments in the US-China trade talks.

 

The index opened today's session lower, on the cusp of its first daily loss in the last 6 days, on marked profit-taking activity from the 4-year high it hit yesterday, with most of the major European exchanges and sectors seeing red today.

 

The mining sector saw the largest losses in Europe, with a drop by 1.2%, on the  renewed concerns over the US-China trade war.

 

The Chinese Ministry of Commerce stated on Thursday that the US and China agreed over the last two weeks to eliminate the tariffs, and a White House spokeswoman told Fox News that Washington and Beijing will reach a trade agreement very soon.

 

But the latest update regarding the matter on Friday is that the tariffs removal plan faces opposition in the White House and from outside advisers, according to Reuters from informed sources.

 

The sources added that the idea was not part of the October agreement between President Trump and Chinese Vice Premier Liu He.

 

S&P 500 futures fell by 0.2% today, ahead of Wall Street opening, while the index closed higher by 0.3% yesterday, jumping to its all-time high of 3,097.77 points.

 

Back to Europe, the Euro Stoxx 50 index fell by 0.3%, the German DAX fell by 0.3%, with France's CAC 40 falling by 0.4%, and in London, the FTSE 100 fell by 0.3%

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