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European stocks price drop after Trump trading comments

2019-07-17 08:26 am | Resource: News | No Views : 50

 European stocks price drop after Trump trading comments

European stocks fell in early trade on Wednesday after US President Donald Trump raised new trade concerns by saying Washington still had "a long way to go" before resolving its trade dispute with Beijing. Trump also warned that the United States may impose an import tariff on Chinese products worth an additional $ 325 billion. On the data front, investors are waiting for inflation numbers from the euro area and the UK.

Benoit Coir: Weak growth is expected in the second and third quarters

ECB Executive Council member Benoit Koir said on Wednesday that the outlook for economic growth in the eurozone was "in a negative direction" as it is expected to weaken in the second and third quarters of this year. In the eurozone is on the rise, supported by higher wages and increased economic expansion and monetary policy of the ECB.

Last week, Benoit Coir said that signs of inflation from markets would not be ignored by the ECB, but pointed out that the focus should not be on "too tight".

EU car sales fell 7.8% in June

On the data front, the European Automobile Manufacturers Association (ACEA) said on Wednesday that new car registrations in the European Union fell 7.8% in June year on year to 1.45 million. Sales in the European Union in addition to figures from Iceland, Switzerland and Norway, fell 7.9% to 1.49 million last year. Sweden and Austria saw the biggest decline in registrations, with sales falling by 52% and 14.4% respectively, compared to June 2018. Sales in France fell 8.4%, and Spain saw a 8.3% decline in new registrations.

The negative sentiment is mostly due to a decrease in the number of working days in June, which was 19 working days in 2019 and 21 working days in 2018. In the six months to June 30, new vehicle registrations in the EU fell 3.1% to 8.18 Million, compared to the first half of last year.

European Stocks Open
  • The FTSE 100 lost 0.14% at 9:14 CET.
  • The DAX fell 0.19% at 9:15 am CET.
  • The CAC 40 index fell 0.03% at 9:15 CET.

The euro traded flat against the dollar, reaching 1.2080 at 9:18 am and the pound falling 0.15% against the US dollar at 1.23884 at 9:19 am.


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