European shares fall as U.S.-China tensions, virus cases rise

  • Reuters
  • Stock Market News
European shares fall as U.S.-China tensions, virus cases rise
Credit: © Reuters.

(For a live blog on European stocks, type LIVE/ in an Eikon news window)

Aug 18 (Reuters) - European shares fell on Tuesday as investors worried about escalating U.S.-China tensions and a resurgence in regional coronavirus cases, knocking shares of growth-sensitive cyclical sectors lower.

The pan-European STOXX 600 index .STOXX fell 0.5% by 0713 GMT, with banks .SX7P , energy firms .SX7E , insurers .SXIP and automakers .SXAP falling between 0.8% and 0.9%.

Asian stocks made cautious gains after the Trump administration said it will tighten curbs on China's Huawei Technologies Co HWT.UL , to crack down on its access to commercially available chips, while ratcheting up tensions with Beijing. miner BHP Group BHP.AX , BHPB.L slipped 2.2% as it reported a 4% drop in annual profit that also missed analysts' estimate. It also warned that most major world economies except China will have to bear the brunt of a coronavirus-led downturn this year. Jewellery maker Pandora PNDORA.CO tumbled 5.9% as it said the number of closed shops increased slightly in August, and the current level of store traffic is "well below" the level before the lockdowns. Marks & Spencer MKS.L rose 1.8% after it revealed plans to cut a further 7,000 jobs, dealing the latest blow to the beleaguered retail sector from the COVID-19 crisis.

Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb

Error: File type not supported

Drop an image here or

100