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Shares in Europe open in red due to threats of Trump fees

2019-08-02 08:04 am | Resource: News | No Views : 37

 Shares in Europe open in red due to threats of Trump fees

European stocks opened sharply lower on Friday after US President Donald Trump announced he would set a 10% tariff on the remaining 300 billion US dollars from Sept. 1 and raise them to 25% if necessary. In other news, investors digested earnings reports from Allianz, Credit Agricole and the Royal Bank of Scotland and awaited economic data for the UK and EU due to be released after the opening bell.

Bank of Scotland raises operating profit by 175% to £ 1.68 billion in the second quarter

The Royal Bank of Scotland (RBS) said on Friday its pre-tax operating profit was £ 1.68 billion, an improvement of 174.25% year-on-year. The report showed that the half-year figure was £ 2.69 billion, improving from £ 1.83 billion in the first six months of 2018.

At the same time, basic earnings per share reached 11 pence in the three months to June, up from 0.8 pence in the same quarter last year. The lender also pointed out that quarterly earnings attributed to ordinary shareholders increased from 96 million to 707 million annually. A dividend of 2 pence and a special share of 12 pence, representing £ 1.7 billion, were announced to shareholders.

"Given current market conditions, continuing economic and political uncertainties and a shrinking yield curve, we are unlikely to achieve a target return on tangible equity of more than 12% and a cost-to-income ratio of less than 50% by 2020," the company said in a statement.

European stocks traded
  • The CAC index opened 2.34% in the red zone at 9:01 am CET on the back of ArcelorMittal's losses of 5.57%.
  • While the DAX was down 2.04% at 9:16 am and Infineon Tech AG was the worst performer.
  • Meanwhile, the FTSE fell 1.50% at 9:16 CET.

The euro settled against the dollar to close at 1.1084 at 9:14 am and the British pound fell 0.08% against the US dollar against 1.2111 at the same time.

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