Europe follows Asian stocks lower as U.S.-China tensions escalate

  • Reuters
  • Stock Market News
Europe follows Asian stocks lower as U.S.-China tensions escalate
Credit: © Reuters.

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Aug 7 (Reuters) - European shares slipped on Friday after their Asian peers were hit by a further escalation in U.S.-China tensions, but an upbeat earnings season and hopes of more stimulus kept most regional indexes on course for weekly gains.

The pan-European STOXX 600 index .STOXX was down 0.2% by 0717 GMT, with banks SX7P , automakers .SXAP and oil and gas firms .SXEP leading declines.

U.S. President Donald Trump on Thursday moved to ban U.S. transactions with popular Chinese apps, Tencent's WeChat and ByteDance's Tiktok, knocking 1% off Asia Pacific shares. MKTS/GLOB

European markets were relatively more resilient, but Amsterdam-listed Prosus PRX.AS , with its biggest investment in Tencent 0700.HK , fell 5.8%.

British aero-engineer Rolls-Royce Holdings RR.L dropped 2.3% after a media report that activist shareholder ValueAct Capital Management sold its stake in the company. Telekom DTEGn.DE , which owns 43% of T-Mobile TMUS.O , rose 2.1% after the U.S. firm added more monthly phone subscribers than expected in the second quarter.

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