European Stocks were down yet again on Wednesday after United Sates imposed new tariffs on Chinese imports. The move – hailed as futile by numerous economists and strategists for both parties involved – has dented the overall sentiment in global equities markets especially in the European Equities as more than 25 percent of value addition in Chinese exports to United States is contributed from European countries including property rights.
The pan-regional STOXX 600 index was down 0.1 percent by 0742 GMT after a flat open, with most sectors in negative territory. European markets were stretched down by the Technology stocks on fears of stronger stance of US Authorities towards the technology giants including Amazon. Futures for the NASDAQ were trading down 0.9 percent after an overnight rebound.
FTSE was trading 6998.01 down 0.46 percent after losing 32.45 points. DAX, German benchmark, was also down 137.87 points after reaching at 11864.58 points.
The French benchmark CAC was trading at 5119.58 points down by 0.63 percent losing 32.54 points despite reports that the rejuvenated French economy has received decade high investments from US, Germany and India.
Currencies were relatively stable EUR/USD was at 1.2307 up by 0.29 percent with GBP/USD at 1.408 up by 0.17 percent.