Stocks in EU drop before bell on trade war, earnings

Thursday, 18. July 2019 08:05

Indexes at European exchanges were sharply lower in premarket trade on Thursday. Market participants were pessimistic regarding risk as corporate earnings season began with Novartis and SAP as the first two majors. Trade war concerns increased on reports that bilateral negotiations between the United States and China got stuck again over Huawei's controversial activity and allegations by the administration in Washington of national security issues.

Precious metals were stronger with the exception of gold. Its spot price slipped 0.24% to $1,422.94 per ounce at 8:02 am CET. The euro advanced just 0.15% to $1.12413 and 0.1% to £0.9037. The pound gained a mere 0.05% to $1.24396.

The FTSE declined 0.44% before the opening bell in London. The DAX was looking to open 1.03% lower and the French CAC 40 retreated 0.58%. The Euro Stoxx 50 dropped 0.55%.

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