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Trump’s tariffs lead Europe stocks to worst month in three years
LONDON: European equities haven’t had a month this bad since early 2016.
Weeks of jitters surrounding a Huawei ban and growth concerns culminated in President Donald Trump pledging to slap a 5% tariff on Mexican goods, hitting everything from European automakers to banks. The levies could rise to as high as 25%.
“In light of the trade negotiations going in the wrong direction, we can expect a cold summer for equities,” said Guillermo Hernandez Sampere, head of trading at German asset manager MPPM EK.
“Tariffs on Mexico aren’t helping the sentiment and markets expect more to come, so the escape to safety will continue for the time being.”
Car stocks, the region’s worst performers this month, are set for a 14% retreat in May as Fiat Chrysler Automobiles N.V. tumbled on Friday due to its extensive exposure to the North American Free Trade Agreement.
Banking shares suffered as well, with Banco Bilbao Vizcaya Argentaria SA and Banco Santander SA slumping because of the risk to their revenue from Mexico tariffs.
The Stoxx Europe 600 was down as much as 1.1% on Friday and was testing the 200-day moving average for the first time since February.
The latest data from Bank of America and EPFR Global showed that European equity funds carried on with outflows, losing $1.8 billion in the week through May 29.
- Bloomberg
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2 people like this. Showing 3 of 3 comments
The scenario that will emerge after Huawei shutdown.
Nations will now start to pursue technological sovereignty. Russia has announced it will built its own internet. China is already doing. Other countries are following soon.
Android will lose its dominance. Russia now has its own mobile operating system "Aurora". Aurora smartphones already exist in Russia.
As internet is US invention, all the base network keys are in US. Put it simply, if the light switch is outside the bathroom, somebody may switch the light off.
Huawei being a high tech company will do just fine without the American Android. About US chips, Huawei adopts 1 +1 policy. It adds one circuit to each US manufactured circuit. That means that won't be a problem either.
Trump did US a disservice. US companies will lose it huge market share in the world and their future positions will get even weaker.
Android used to be treated like the sun above us. Everyone has equal rights and is free to use without restrictions. But after US decided to switch off the sun for Huawei, others are beginning to wonder if they are next in line to be shut down.
IT means technology stocks in US are overvalued. These monopoly is starting to end.
2019-06-02 18:56
AS Tong wrote in TheEdge,"a tech war will be the end for this bull market."
Trump is a man with no wisdom. Unlike, Putin
2019-06-02 19:03
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pussycats
Which country now dare to buy US hardware s???
Trump will change his wind any day, to ban supplying spare parts for US hardwares.
Without spare parts, your US hardwares are as good as iron scraps.
So, Trump think he is smart.
Trump moody trade policies on China, Friday night on Mexican, will make US trading nations think 3 to 4 times, before they want to buy US hardwares in electronic or military.
U think Trump is smart???
Trump is just shooting on his own foot.
2019-06-01 13:06