African trade ministers meet in Cairo to push forward with AfCFTA    Scatec's $3.6bn renewables portfolio part of Egypt's NWFE energy pillar    Egypt's stocks end lower on Sept 16    Egypt launches international architecture academy with UNESCO, European partners    Egypt's President, Pakistan's PM condemn Israeli attack on Qatar    Egypt's PM, Russian deputy PM discuss industrial zone, Dabaa nuclear plant    Egypt signs MoUs with 3 European universities to advance architecture, urban studies    Sisi tells global leaders at Macron's video conference: Israel crossed all red lines    Egypt to begin second phase of universal health insurance in Minya    Madrid trade talks focus on TikTok as US and China seek agreement    Power of Proximity: How Egyptian University Students Fall in Love with Their Schools Via Social Media Influencers    Egypt wins Aga Khan Award for Architecture for Esna revival project    Egypt's Foreign Minister, Pakistani counterpart meet in Doha    Egypt condemns terrorist attack in northwest Pakistan    Egypt advances plans to upgrade historic Cairo with Azbakeya, Ataba projects    Egyptian pound ends week lower against US dollar – CBE    Egypt hosts G20 meeting for 1st time outside member states    Lebanese Prime Minister visits Egypt's Grand Egyptian Museum    Egypt to tighten waste rules, cut rice straw fees to curb pollution    Egypt seeks Indian expertise to boost pharmaceutical industry    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egyptian, Ugandan Presidents open business forum to boost trade    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







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European markets mixed as trade fears linger
Amwal Al Ghad Published in Amwal Al Ghad on 15 - 05 - 2019

European markets traded mixed Wednesday as markets tried to rebound from a sell-off Monday resulting from China's announcement of retaliatory tariffs on U.S. imports.
The pan-European STOXX 600 was flat in the opening minutes of trading, with travel and leisure stocks jumping out to a fast start with a 1% rise, while utilities dropped by 0.8% after the opening bell.
Recent sessions saw a recovery rally across all major markets following a sell-off Monday on the back of China hiking tariffs on $60 billion worth of U.S. goods in an escalation of the trade war between the world's largest economies.
However, strategists have urged caution as tensions ratchet up, with the Federal Reserve Bank of New York's gauge of recession probability over the next 12 months now at 27.5%, the highest since the financial crisis. Stateside, investors will continue to monitor ongoing talks after President Donald Trump softened his tone on the trade war Tuesday, referring to it as a "little squabble" and insisting talks had not collapsed.
Back in Europe, the U.K. government announced that Prime Minister Theresa May will bring her Brexit deal back to Parliament in the week of June 3, as talks with the main opposition Labour party continue despite an apparent lack of progress.
Meanwhile, in a substantial piece of corporate news, reports Tuesday suggested Italian bank UniCredit has stepped up preparations to bid for Commerzbank, just weeks after talks a deal with previous suitor Deutsche Bank fell through.
Dutch bank ABN Amro reported a 20% drop in first-quarter net profit to 478 million euros ($536 million). Its stock slipped slightly during opening trade.
Credit Agricole also posted falling first-quarter net profits with an 11% decline to 763 million euros, its stock falling 2.7% in opening trade.
Shares of British lender CYBG jumped 10% at the start of the session after it swung to a first-half profit, while the worst early performer was gas and electricity supplier E.On, which fell 5.5% after Goldman Sachs downgraded the stock from "buy" to "neutral."
Source: Reuters

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