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European Stocks

As of near 6.20am ET, European stock markets were mostly lower after a mixed Asian session. Trade war concerns continued to hang over markets as China announced tariffs of 25% on an additional US$16 bln of U.S. imports, which matched US President Trump's latest move in the trade war. Separately the U.S. also announced new sanctions on Russia. Despite this, China's stock markets rebounded from yesterday's slump and rallied on hopes of further fiscal stimulus and as the government set up a body led by Premier Li Keqiang to develop the technology sector. The ChiNext Index of small-cap and technology shares closed up 3.4% higher. The CSI 300 gained 2.5% higher and the Shanghai Comp was up 1.83% at the close. Meanwhile, Japanese markets underperformed and Topix and Nkkei closed with losses of -0.36% and -0.20%. And European markets also struggled, with the FTSE 100 down -0.63% as the pound recovered. The EUR, meanwhile, dropped against the dollar, which helped the DAX to outperform and as of 9:58GMT post a marginal 0.03% gain. Other Eurozone markets were in the red, however, with the CAC 40 down -0.25% and the Ibex down -0.07%. U.S. stock futures were posting slight gains, while oil prices were down and the September NYMEX future was trading at US$66.83 per barrel.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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