Thursday, 24 May 2018 16:00

European stocks end lower after Trump cancels North Korea meeting

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European stocks finished lower Thursday after U.S. President Donald Trump pulled out of what would have been a historic meeting with North Korea, citing “open hostility” from the nation’s officials.

Deutsche Bank shares slumped after calls for the chairman to resign.

What are markets doing?

The Stoxx Europe 600 index SXXP, -0.52%[1] lost 0.5% to close at 390.54, after logging its worst one-day percentage fall since March 22[2]. The pan-European benchmark on Wednesday ended down 1.1% as traders fretted about weak eurozone data and the renewed prospect of a China-U.S. trade war.

Italy’s FTSE MIB index I945, -0.71%[3]  fell 0.7% to 22,749.08, erasing an earlier advance of as much as 1% which had put it among Europe’s best performing indexes on Thursday.

Germany’s DAX 30 index DAX, -0.94%[4]  gave up 0.9% to 12,855.09, while France’s CAC 40 index PX1, -0.31%[5] dropped 0.3% to 5,548.45.

The U.K.’s FTSE 100 index UKX, -0.92%[6]  dropped 0.9% to 7,716.74[7]. The blue-chip benchmark turned lower as the pound GBPUSD, +0.2472%[8]  rallied on the back of a better-than-expected retail sales reading for April. Sterling bought $1.3374, compared with $1.3348 late Wednesday in New York.

The euro EURUSD, +0.2735%[9]  rose to $1.1747, from $1.1699 on Wednesday.

In Turkey, the lira USDTRY, +3.8241%[10]  resumed its slide, even after the Turkish central bank on Wednesday intervened to halt the currency’s drop. The dollar bought 4.7438 lira, up from 4.5762 late Wednesday in New York.

Read: Turkey’s halted the free fall in lira — but it’s not out of the woods yet[11] ...


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