European stocks decline further, DAX at weekly low

Thursday, 23. May 2019 11:00

Stocks in Europe's major markets steepened their decline on Thursday, amid investors' worries over the escalating trade dispute between the United States and China, as well as uncertainties in the United Kingdom in regards to Brexit, with more ministers reportedly planning to resign over the latest withdrawal deal offer.

The Commerce Ministry in Beijing stated that Washington "escalated" trade tensions with its recent measures against Huawei, and conditioned further talks with these measures being "corrected." Concerns among Huawei suppliers grew, as the use of Google's Android operating system on its smartphones after August was put into question due to the US ban.

The DAX fell 1.53% at 10:53 am CET to lowest since last Wednesday, pulled by Daimler's plunge of 6.99%, as the company pays out its second-highest dividend in history of €3.25 per share. Deutsche Bank was down 2.78% at the same time amid its shareholder meeting.

The CAC 40 tumbled 1.65% at 10:41 am CET, as Capgemini led the losses with a 3.05% decline. Chipmaker STMicroelectronics slid 2.75%, as it about to decide whether to cease cooperating with Huawei. The FTSE 100 decreased 1.17% at 10:57 am CET.

Related Links: Daimler AG
Author:
Breaking the News / NI