23rd Jul 2018 11:04
BRUSSELS/FRANKFURT/PARIS (Alliance News) - European stocks fell on Monday as trade tensions persisted and investors braced for a busy week of corporate earnings.
The US dollar slumped after US President Donald Trump accused the EU and China of manipulating their currencies.
In addition, Trump talked of more tariffs on China and continued his attack on the Federal Reserve for raising interest rates, saying tightening penalizes the US for doing well.
Meanwhile, the weekend's G20 meeting of finance ministers in Argentina did little to allay fears of a global trade war.
Investors looked ahead to an important meeting on trade between Trump and European Commission President Jean-Claude Juncker at the White House on Wednesday, with EU officials saying they have low expectations for a positive outcome.
The pan-European Stoxx Europe 600 index was down 0.1% at 385.16, on track for its third straight session of losses.
The German DAX was down about 0.1%, while France's CAC 40 index and the UK's FTSE 100 were down around 0.3% each.
Fiat Chrysler Automobiles dropped 2.3%. The company replaced ailing CEO Sergio Marchionne with Mike Manley.
Dutch consumer electronics giant Philips declined 1.4% after reporting a fall in Q2 net profit, reflecting loss from discontinued operations.
Julius Baer fell more than 4%. The Swiss private bank warned that clients are becoming more cautious due to rising trade tensions.
Discount airline Ryanair Holdings fell as much as 5% as it battles a series of labor strikes.
WPP jumped more than 2% in London. 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.
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