European stocks close sharply lower on trade worries; Royal Mail plunges to record low

Thursday, 23 May 2019 23:13 WIB

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European markets closed sharply lower Thursday amid ongoing U.S.-China trade concerns.

The pan-European Stoxx 600 closed down by 1.4% to 373.79  with almost every sector in the red. All major bourses were in negative territory, with Britain's FTSE 100 down 1.4%, while Germany's DAX and France's CAC both fell around 1.8%.

Autos were among the worst-performing sectors in Europe, down by nearly 3%. This comes after renewed concerns over the trade relationship between the U.S. and China. German carmaker Daimler was the biggest loser in the sector, down almost 7%.

The U.S. has said it will impose trading restrictions on Chinese telecoms giant Huawei from August 19. Of the $70 billion Huawei spent buying components in 2018, some $11 billion went to U.S. firms including Qualcomm, Intel and Micron Technology.

Source : CNBC


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