AGL 38.83 Decreased By ▼ -0.06 (-0.15%)
AIRLINK 143.40 Decreased By ▼ -2.00 (-1.38%)
BOP 5.24 Increased By ▲ 0.04 (0.77%)
CNERGY 3.72 Decreased By ▼ -0.06 (-1.59%)
DCL 7.58 Decreased By ▼ -0.09 (-1.17%)
DFML 46.40 Increased By ▲ 1.22 (2.7%)
DGKC 80.88 Increased By ▲ 1.75 (2.21%)
FCCL 27.42 Decreased By ▼ -0.58 (-2.07%)
FFBL 55.00 Increased By ▲ 1.67 (3.13%)
FFL 8.56 Decreased By ▼ -0.09 (-1.04%)
HUBC 111.02 Decreased By ▼ -10.80 (-8.87%)
HUMNL 11.42 Increased By ▲ 0.46 (4.2%)
KEL 3.77 Increased By ▲ 0.02 (0.53%)
KOSM 8.33 Increased By ▲ 0.01 (0.12%)
MLCF 35.20 Increased By ▲ 0.44 (1.27%)
NBP 61.35 Increased By ▲ 2.10 (3.54%)
OGDC 171.90 Increased By ▲ 2.68 (1.58%)
PAEL 25.78 Increased By ▲ 0.18 (0.7%)
PIBTL 5.97 Decreased By ▼ -0.02 (-0.33%)
PPL 127.55 Increased By ▲ 0.05 (0.04%)
PRL 25.58 Increased By ▲ 0.70 (2.81%)
PTC 12.15 Increased By ▲ 0.21 (1.76%)
SEARL 57.00 Increased By ▲ 1.47 (2.65%)
TELE 7.10 Increased By ▲ 0.03 (0.42%)
TOMCL 34.80 Decreased By ▼ -0.35 (-1%)
TPLP 6.95 Decreased By ▼ -0.05 (-0.71%)
TREET 13.85 Decreased By ▼ -0.04 (-0.29%)
TRG 47.05 Increased By ▲ 1.23 (2.68%)
UNITY 26.05 Decreased By ▼ -0.14 (-0.53%)
WTL 1.21 No Change ▼ 0.00 (0%)
BR100 9,094 Increased By 113.3 (1.26%)
BR30 27,318 Decreased By -101.9 (-0.37%)
KSE100 85,664 Increased By 753.7 (0.89%)
KSE30 27,441 Increased By 243.7 (0.9%)

FRANKFURT: European shares slipped on Thursday, with automakers falling on continued jitters over the European Union’s new tariffs on imported Chinese electric vehicles, while Italian shares underperformed their continental peers.

The continent-wide STOXX 600 closed 1.3% lower, with auto stocks losing 2.4% as investors fretted over how China might respond to the EU’s new tariffs on imported Chinese EVs to combat what Brussels sees as excessive subsidies from Beijing.

“If the tariffs fail to fully level the playing field for domestic producers, or even advantage them, Europe may just have shot itself in the foot,” Bas van Geffen, senior macro strategist at Rabobank, said.

Beijing slammed the tariffs as protectionist behaviour and said it hoped the EU would correct its “wrong practices” and handle trade friction through dialogue.

Italy’s benchmark stock index lagged peers with an 2.2% drop after Italian borrowing costs rose to their highest since November at an auction.

European equities have pulled back from last week’s record highs hit on the back of the European Central Bank’s interest rate cut, as investors assessed political uncertainty in France after the calling of a snap election.

France’s CAC 40 remained under pressure, falling almost 2%, while European banks dropped 2.4%.

Also spreading caution across global markets, the Federal Reserve on Wednesday held interest rates steady and pushed out the start of rate cuts to perhaps as late as December.

Latest projections showed Fed policymakers anticipating just one quarter-point rate cut this year from three seen in March.

Back in Europe, data showed euro zone industrial production contracted 0.1% in April, compared to analysts’ expectations of 0.2% growth.

Spain’s EU-harmonised 12-month inflation rose to 3.8% in May, from 3.4% in the period through April.

Among other stocks, Wise sank 11.5% to the bottom of the STOXX 600 after the British money transfer company forecast a weaker than expected outlook for profits.

Shares of Lufthansa slid 5.5% as J.P.Morgan placed the German flagship airline on a negative catalyst watch.

Comments

Comments are closed.