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European shares fall at opening amid Italian government crisis

2019-08-09 07:55 am | Resource: News | No Views : 59

European shares fall at opening amid Italian government crisis

 European shares fell in early trade on Friday amid mounting political tensions in Italy after Deputy Prime Minister Matteo Salvini called for early elections, claiming that the government no longer has a majority. Investors also focused on the Sino-US trade war, digesting trade balance figures from Germany and waited for a batch of data from the UK.

Salvini: The government does not have a majority. Elections are necessary

Italian Deputy Prime Minister Matteo Salvini said on Thursday the government was no longer in the majority and said new elections should be held. Prime Minister Giuseppe Conte met with President Sergio Matarella earlier this week to discuss the crisis in the government. Salfini clashed with fellow Deputy Prime Minister Luigi Di Mayo of the five-star movement.

Germany's trade surplus doubled to 18.1 billion euros in June

Germany's seasonally adjusted foreign trade surplus reached 18.1 billion euros in June, down from 18.7 billion euros in May, according to interim data released by Destatis on Friday. In unadjusted terms, the trade surplus figure was 16.8 billion euros.
  • Exports amounted to 106.1 billion euros, down 0.1% on a monthly basis and down 8% compared with June 2018.
  • Exports to the EU amounted to 63.5 billion euros, while exports to third countries amounted to 42.6 billion euros.
  • Imports rose 0.5% month-on-month, but fell 4.4% year-on-year to 89.3 billion euros, of which 53.3 billion euros were imported from the EU.

European stock openings
  • Italy's FTSE MIB fell 1.64% at 9:15 am CET, as banks suffered the biggest losses. UniCredit fell by 5%, followed by BPER Banca, Banco BPM, and UBI Banca, all down 4%.
  • In London, the FTSE 100 fell 0.23% at 9:13 am CET, with the Standard Life Aberdeen down 1.72% at 9:14 am CET.
  • The DAX fell 0.33% at 9:14 CET, with shares of ThyssenKrupp, which fell 2.69%, leading losses.
  • The CAC 40 traded 0.32% in the red at 9:14 AM CET. ArcelorMittal was the worst performer as its stock fell 1.89% at 9:15 am CET.

The euro rose 0.15% against the dollar to go to 1.1197 at 9:16 CET.

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