Wednesday, 20 June 2018 09:00

European stocks stage recovery, but U.S.-China trade tensions remain

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European stocks on Wednesday bounced off a nearly three-week low, staging a recovery as traders came to terms with the further deterioration in the trade relationship between the U.S. and China that sent equities worldwide tumbling in the prior session.

How markets are performing

The Stoxx Europe 600 Index SXXP, +0.70%[1] rose 0.6% to 385.61, on course to wipe out Tuesday’s drop of 0.7%[2] that marked its lowest close since May 31. All sectors rose on Wednesday, led by the basic materials group that led decliners on Tuesday.

Germany’s DAX 30 index DAX, +0.42%[3] climbed 0.5% to 12,734.41, following Tuesday’s retreat of 1.2%. France’s CAC 40 index PX1, +0.26%[4] rose 0.2% to 5,401.04.

Italy’s FTSE MIB index I945, +0.87%[5] charged up 0.8% to 22,260.22, and Spain’s IBEX 35 IBEX, +0.97%[6]  declined 0.9% at 9,845.80.

The U.K.’s FTSE 100 UKX, +1.07%[7]  was up 1.1% at 7,684.52.

The euro EURUSD, -0.2502%[8] traded slightly lower at $1.1573, from $1.1589 late Tuesday in New York.

What’s driving markets

A measure of calm was returning to equity markets, even though the U.S. and China were still locking horns on trade issues. The Shenzhen index 399106, +1.16%[9]   added 1.2% in Asian trade after Tuesday’s 5.8% slide, and the Shanghai Composite SHCOMP, +0.27%[10]  was up a more modest 0.3%. Hong Kong’s Hang Seng Index HSI, +0.77%[11] ...

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