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EUROPE MARKETS: European Stocks End Lower On Fallout From Escalation Of U.S.-China Trade War

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08/23/2019 | 11:42am EDT

By Steve Goldstein, MarketWatch

In a see-saw session, European stocks ended lower on Friday, as relief that the Federal Reserve would consider cutting interest rates again was offset by a new escalation in the U.S.-China trade war.

Up as much as 0.59%, the Stoxx Europe 600 index finished the day in the red with a loss of 0.77% to 371.39.

The German DAX declined 1.15% to 11612.44, the French CAC 40 fell 1.14% to 5326.87 and the U.K. FTSE 100 dropped 0.47% to 7094.98.

What's happening

Federal Reserve Chairman Jerome Powell, in his key Jackson Hole address, said the central bank stood ready to cut interest rates further to keep the U.S. economic expansion alive, though he didn't promise to do so .

"The time to act is now, or rather, a second rate cut in September is Powell's policy preference reading between the lines of his Jackson Hole speech. His fellow committee members have been warned," said Chris Rupkey, managing director and chief financial economist for MUFG Union Bank.

But China's announcement that it would slap tariffs on $75 billion of goods -- and President Donald Trump's tweet threatening retaliation later on Friday -- ended up dragging stocks lower.

Focus stocks

Peppa Pig owner Entertainment One (ETO.LN) soared 31.9% to 585 pence in London after receiving a 3.3 billion pound, or 560 pence a share, cash offer from Hasbro . The market is pricing in the possibility of a counteroffer.

Rockwood International (ROCK-B.KO) , a maker of industrial wool that is used for insulation, dropped 16% in Copenhagen after cutting its sales outlook to 2% to 5% growth at constant currencies, down from a previous forecast of 4% to 8%.

Stocks mentioned in the article
ChangeLast1st jan.
CAC 40 -0.97% 5636.82 Real-time Quote.19.62%
DAX -1.16% 12324.01 Delayed Quote.18.08%
ENTERTAINMENT ONE LTD -0.35% 569 Delayed Quote.60.12%
EURO STOXX 50 -1.02% 3535.32 Delayed Quote.18.37%
FTSE 100 INDEX 0.28% 7234.11 End-of-day quote.0.00%
HASBRO, INC -2.72% 117.63 Delayed Quote.44.78%
STOXX EUROPE 600 -0.89% 389.45 Delayed Quote.16.04%
STOXX EUROPE 600 NR -0.88% 837.6 Delayed Quote.19.06%
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