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European shares closed lower as tensions continued in Turkey

2018-08-14 04:36 pm | Resource: News | No Views : 171

European markets ended the session lower in most major European indexes on Tuesday as investors continued to focus on tensions between the United States and Turkey. Ankara has pledged to boycott US electronic and construction products as a result of a "frank economic attack" from Washington.

Earlier, the United States doubled tariffs on Turkish steel and aluminum imports and banned the sale of F-35 fighter jets to Turkey. Market observers also absorbed GDP and industrial production figures from the eurozone.

In the first reaction of the Turkish government to the United States, the Turkish Ministry of Environment and Urbanization announced on Tuesday that it would boycott US building materials. Ankara has reached this decision as a result of the "speculative moves of the US dollar" which caused an economic "blockade" in Turkey, Minister Murad Kurum said.

Merkel pointed to the integration of the euro zone budget with the EU budget

German Chancellor Angela Merkel said on Tuesday that the European Union may move towards integrating the budget of members of the euro area into the EU's common budget. In that case, there would be a need for further parliamentary oversight of Euro-zone finance ministers, as well as additional resources for their work. Merkel also pointed out that the time is not yet appropriate to take into account the position of the European Finance Minister Joint.

Merkel will meet Russian President Vladimir Putin this weekend to discuss the construction of the Nord Stream 2 project, which has now stalled because of strong opposition from Washington.

Plans to integrate the eurozone budget into the EU's shared budget come amid turbulence in Turkey, whose currency has fallen sharply over the past few days. Turkish President Recep Tayyip Erdogan said earlier in the day that his country and its economy are targeted by the United States.

European shares closed
  • The FTSE 100 was down 0.40%. Antofagasta led losses as it fell 6.97% on half-year results worse than expected. Mining said its profit fell 16 percent to $ 904.2 million in the first six months of 2018.
  • The CAC 40 index fell 0.20%. The worst performing shares were Credit Agricole as it fell 1.66%.
  • The DAX index closed on a hold where it has not changed much since the opening.

The euro lost 0.47% against the dollar to sell at 1.1356 at 5:38 CET. At the same time, the lira rebounded after falling to record lows against the dollar on Monday as a result of the economic row with the United States. The greenback fell 5.04% against the Turkish currency to reach 6.5158 at 5:38 CET.

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