European stocks slide as Trump's warning spooks investors
20/12/2024 08:03
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Dec 20 (Reuters) - European shares were on course to
post their worst week in three months on Friday, as U.S.
President-elect Donald Trump's comments about potential tariffs
on the European Union further spooked investors already worried
about the rate outlook.
The pan-European STOXX 600 index .STOXX fell 0.8% by 0812
GMT, trading at its lowest in nearly a month and on course for
its biggest weekly decline since early September.
Trump said that the EU must purchase U.S. oil and gas to
make up for its "tremendous deficit" with the world's largest
economy, or face tariffs.
All the major European subsectors were in the red, with
banks .SX7P and miners .SXPP leading losses.
The German DAX .GDAXI and France's CAC 40 .FCHI fell
about 1% each.
Britain's FTSE 100 .FTSE posted a smaller decline compared
with its European peers, down 0.3%. Data showed British retail
sales rose by a weaker-than-expected 0.2% in November, adding to
signs of slow momentum in the economy.
Investors are awaiting U.S. inflation data later in the day
for hints on the pace of rate cuts next year.
European stocks had tumbled on Thursday after the Federal
Reserve projected fewer rate cuts next year and higher
inflation.
Idorsia IDIA.S tumbled about 41% after the Swiss pharma
company announced delays to a rights deal related to its
hypertension drug Tryvio, raising funding concerns.
(Reporting by Sruthi Shankar in Bengaluru; Editing by Mrigank
Dhaniwala)
((sruthi.shankar@thomsonreuters.com; within U.S. +1 646 223
8780; outside U.S. +91 80 6182 2787;))