23rd Jul 2018 17:10
BRUSSELS/FRANKFURT/PARIS (Alliance News) - The European markets ended the first day of the new trading week with modest losses, extending the weakness from the previous two sessions.
Concerns over global trade continue to weigh on investor sentiment, after US President Donald Trump accused the EU and China of manipulating their currencies.
Finance ministers and central bank governors of group of 20 nations recognized the need to step up dialogue and actions to mitigate risks and enhance confidence on international trade.
G20 finance ministers and central bank governors sought action amid rising trade war risks following their meeting held on Saturday and Sunday, in Buenos Aires, Argentina.
At the conclusion of the G20 meeting, IMF Managing Director Christine Lagarde urged that trade conflicts be resolved via international cooperation without resorting to exceptional measures.
The pan-European Stoxx Europe 600 index weakened by 0.2%. The Euro Stoxx 50 index of eurozone bluechip stocks decreased 0.2%, while the Stoxx Europe 50 index, which includes some major UK companies, lost 0.1%.
The DAX of Germany dropped 0.1% and the CAC of France fell 0.4%. The FTSE 100 of the UK declined 0.3% and the SMI of Switzerland finished lower by 0.4%.
In London, Ryanair Holdings sank 6.4% as it battles a series of labor strikes.
WPP jumped 3.2%. Sky News reported that the British advertising giant is in talks to sell a minority stake in its Chinese unit to Alibaba, Tencent and China Media.
Julius Baer fell 4.0% in Zurich. The Swiss private bank warned that clients are becoming more cautious due to rising trade tensions.
Consumer electronics giant Philips declined 1.8% in Amsterdam after reporting a fall in the second quarter net profit, reflecting loss from discontinued operations.
Fiat Chrysler Automobiles NV dropped 1.5% in Milan. The company replaced ailing Chief Executive Sergio Marchionne with Mike Manley.
Eurozone consumer confidence fell less-than-expected in July to its lowest level in nine months, a flash estimate from European Commission showed Monday. The consumer confidence index eased to minus 0.6 from minus 0.5 in June. Economists had forecast a score of minus 0.7.
British households' finance outlook turned positive for the first time since March 2016, while their financial pressures softened in July, results of a survey by IHS Markit and financial information provider Ipsos Mori revealed Monday. The seasonally adjusted Household Finance Index, or HFI, rose to 44.6 in July from 43.6 in June.
A report released by the National Association of Realtors on Monday showed existing home sales in the US unexpectedly decreased for the third straight month in June.
NAR said existing home sales fell by 0.6% to an annual rate of 5.36 million in June from a downwardly revised rate of 5.41 million in May. Economists had expected existing home sales to climb by 0.5%.
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