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European stocks fell and fears of a US European trade war

2019-04-12 08:51 am | Resource: NEWS | No Views : 52

European stocks fell and fears of a US-European trade war

Most shares in major European stock markets fell on Friday after Britain's exit from the EU was abandoned by extending Article 50 Britain.

Bank of England Governor Mark Carney said yesterday that the risk of a UK exit from the EU without a deal has been reduced by the delay of the withdrawal.

At the same time, the prospect of trade talks between the EU and the United States is looming after reports that the two sides have launched a "preliminary agreement" to start negotiations. In the data, the EU Industrial Production figures are released later in the session.

The US-EU trade war is a political and economic mistake

French Finance Minister Bruno LeMayer warned that a US-EU trade war would be a political and economic mistake after US President Donald Trump described the EU as a "brutal trading partner."

"We must avoid a trade war, we are facing a global and European slowdown and the reason for an economic slowdown is the existence of trade tensions around the world," Le Mayer told CNBC after the International Monetary Fund cut its global economic outlook. "There are trade tensions between the United States and China, we should not add trade tensions between the United States and the European Union, it would be a political mistake and an economic mistake as well," he said.

In its latest World Economic Outlook, the International Monetary Fund said trade tensions between the United States and China, as well as policy uncertainty in many economies, also contributed to its bleak outlook. Trump has repeatedly criticized key US trading partners for deals and practices that have hurt US companies, and the US administration has increased tariffs on some US imports.

European Stocks Open
 
  • The DAX fell 0.34% at 9:16 CET. .
  • The CAC 40 index was down 0.17% at the same time, while Valio was the worst performer, down 2.56%.
  • In the UK, the FTSE 100 is open unchanged.

The euro rose 0.27% against the dollar at 9:18 am and was trading at $ 1.12836, while the pound gained only 0.08% against the dollar at the same time, rising $ 1.30630.


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