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EUROPE MARKETS: European Markets Succumb To More Losses As Trade Worries Pressure Auto, Oil Stocks

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02/08/2019 | 10:36am EDT

By Emily Horton

Hermes up after revenue rise

European indexes fell into the red after a slightly positive start on Friday when German export data supported investor optimism.

Refreshed trade worries put pressure on auto and oil sectors in particular.

How are markets performing?

The Stoxx Europe 600 fell 0.4% to 358.55, clawing back some of the deeper losses made on Thursday when it finished down 1.5%. That marked the biggest one-day percentage decline since Dec. 27.

France's CAC 40 slipped 0.3% to 4,970.16 and the FTSE 100 dipped 0.3% as well, to 7,075.26.

Germany's DAX 30 fell 0.6% to 10,958, while Spain IBEX 35 lost 0.8% to 8,862.10.

The euro fell to $1.1335 on Friday, from $1.1341 late Thursday in New York, while the pound dropped to $1.2948 from $1.2953.

What's driving the markets?

Stocks got an initial lift after some rare, as of late, news on Germany's economy as exports rose in December , according to official data. Mounting concerns about a slowdown in both the eurozone and its largest economy helped drive down stocks worldwide Thursday, after weak data and forecasts for the eurozone.

Meanwhile, trade-deal jitters returned after President Donald Trump said Thursday that he had no plans to meet with Chinese President Xi Jinping before a March 1 trade-deal deadline. The two nations are far from agreement leading to some of America's top business figures to push for a compromise, The Wall Street Journal reported (https://www.wsj.com/articles/pressure-grows-on-u-s-china-to-forge-trade-deal-11549571879).

The European Union has agreed to resume Brexit negotiations in an attempt to break the political deadlock over the split set to take place March 29. However, EU leaders once again rejected Prime Minister Theresa May's request to reopen the previously completed withdrawal agreement.

Brexit Brief: U.K. banks fret over data exchanges in disorderly split

What shares were active?

In luxury fashion, Hermes International SCA (RMS.FR) added 1.3% after it posted a revenue rise for the fourth quarter . Burberry added 0.7%.

Meanwhile, L'Oréal shares rose 0.6%, after the beauty company announced (https://uk.reuters.com/article/uk-loreal-results/loreal-shares-edge-higher-after-solid-sales-and-results-idUKKCN1PX0NG)solid sales and results for its fourth quarter.

However, investor worries about trade between the U.S. and China put pressure on the auto and oil sector. Volkswagen AG lost 1.4%, Renault lost 1%. Meanwhile, heavyweights BP lost 0.4%.

Stocks mentioned in the article
ChangeLast1st jan.
BP PLC -1.56% 560.6 Delayed Quote.14.79%
BURBERRY GROUP 0.70% 2010 Delayed Quote.14.95%
CAC 40 0.22% 5570.11 Real-time Quote.17.87%
DAX 0.11% 12293.96 Delayed Quote.16.32%
EURO STOXX 50 0.13% 3496.39 Delayed Quote.16.70%
FTSE 100 INDEX 0.28% 7234.11 End-of-day quote.0.00%
HERMÈS INTERNATIONAL -0.13% 617 Real-time Quote.27.43%
IBEX 35 0.47% 9501.2 End-of-day quote.10.73%
L'ORÉAL 0.04% 240 Real-time Quote.21.12%
RENAULT 4.03% 62.09 Real-time Quote.9.18%
VOLKSWAGEN -0.14% 155.24 Delayed Quote.11.91%
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