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European shares opened lower on the back of rising trade concerns

2019-05-09 07:46 am | Resource: NEWS | No Views : 100

European shares opened lower on the back of rising trade concerns

European markets were trading with losses shortly after the opening bell on Thursday as investors worried about US-China trade negotiations.

Yesterday, the White House added to mounting concerns as it was officially announced that it would increase Chinese import tariffs by $ 200 billion from 10% to 25% starting on Friday. US President Donald Trump justified the move, saying Beijing had "broken the deal" and now has to pay for it. At the same time, China said it regrets the escalating trade dispute, but vowed to respond regardless.

Deutsche Telekom's revenues rose 8.7% to 19.5 billion euros

Deutsche Telekom AG, Europe's largest telecoms operator by revenue, reported revenue for the first quarter of 2019 at 19.48 billion euros, up 8.7 percent from the same quarter last year and 3.5 percent in value Membership.

Meanwhile, net profit fell 9.3% to 900 million euros in the three months to March this year, while profit before EBITDA jumped 22.6% to 6.46 billion euros. The company's net debt rose 42.5% in the same period to € 71.88 billion. On the other hand, the number of employees decreased by 1.1% and was 214609.

ArcelorMittal fell 65% to $ 0.41 in the first quarter

Luxembourg-based steelmaker ArcelorMittal said on Thursday it had earned $ 0.41 per share in the first quarter of 2019, 65 percent below the same period last year. Net income was $ 414 million, while sales amounted to $ 19.19 billion, roughly the same as last year but higher than market expectations.

Crude steel production in the first quarter reached 24.1 megaton, up 3% per annum, while steel shipments increased by 2% to 21.8 MW. Private iron ore production fell by 3% to 14.1M, while iron ore shipped at market price was 9.2M.

European Stocks Open
  • The DAX fell 0.45% at 9:13 CET.
  • The CAC 40 index fell 1.01% at 9:15 am CET.
  • The FTSE 100 was down 0.41% at the same time.

The euro rose 0.07% against the US dollar, stabilizing at 1.1200 at 9:15 am and the British pound steadily trading against the US dollar, selling at 1.3012 at the same time.

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