European Stocks Fall as Oil Shares Sink on Upcoming OPEC Clash

Monday, 18 June 2018 14:53 WIB

Stoxx 600Indeks Stoxx Europe 600


European equities dropped at the open as oil stocks paced the declines amid bets Saudi Arabia and Russia will clash with allied crude producers over whether to lift output.

The Stoxx Europe 600 Index retreated 0.2% to 387.93, after adding 1 percent last week as the euro weakened. Nexans SA tumbled 18% as the French cable maker forecast a plunge in profit this year.

Automakers also tumbled after China responded to President Donald Trump slapping tariffs on $50 billion of imports, putting an additional 25 percent levy on $34 billion of U.S. agricultural and auto exports starting July 6.

Source: Bloomberg


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