Escalating U.S.-China tensions weigh on European stocks

  • Reuters
  • Stock Market News
Escalating U.S.-China tensions weigh on European stocks
Credit: © Reuters.

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July 24 (Reuters) - European shares fell on Friday as global sentiment soured after Beijing ordered United States to close its consulate in a Chinese city in retaliation to similar action from Washington.

The pan-European STOXX 600 index .STOXX fell 1.5%, on track for its biggest one-day drop in a month, pushing it into losses for the week.

Technology stocks led losses following a sell-off in U.S. peers overnight, while the China-sensitive basic materials sector .SXPP lost 1.9% .N

Investors will be on the lookout for euro zone manufacturing and service PMIs due at 0800 GMT. After last month's rise, the numbers are expected to cross above the 50 point mark which separates contraction and growth, as businesses reopened after closures to stem the spread of the coronavirus. comes after data on Thursday showed euro zone consumer confidence fell in July. Gas owner Centrica CNA.L surged 30% to top the STOXX 600, despite posting lower first-half earnings as it announced plans to sell its North American business Direct Energy to NRG Energy (NYSE: NRG ) for $3.63 billion. energy company Equinor ASA EQNR.OL rose 0.5% after reporting an 89% drop in operating profit, while analysts had expected a loss. world's biggest lighting maker, Signify NV LIGHT.AS jumped 4.5% after a 62% jump in second-quarter net profit, and on plans to pay down 350 milllion euros ($406 million) in debt this year.

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