European stocks near two-week low on trade worries, Michelin slump
- The pan-European STOXX 600 index was down 0.6%
European stocks dipped on Tuesday on renewed worries about a U.S.-China trade war and as Michelin’s shares slid to a more than two-year low after the French tyre maker cut its annual forecast.
The pan-European STOXX 600 index was down 0.6% as of 0718 GMT, hitting a near two-week low following a short-livedbounce on Monday.
Global stocks sold off sharply on Friday after U.S. President Donald Trump threatened to impose additional 100% tariffs on Chinese goods over Beijing’s rare earths exportcontrols.
While Trump struck a more conciliatory tone over the weekend, both the countries on Tuesday began charging additional port fees on ocean shipping firms that move everything from holiday toys to crude oil.
Miners fell the most among European sectors, down 2%.
Automakers dropped 1.5%, with Michelin sliding 9.3% after it cut its full-year outlook, citing worse-than-expected business conditions in the North American market that have eroded sales volumes and margins.
German car parts maker Continental dropped 3.7%, while Italian tyre maker Pirelli dropped 2.1%. Swedish telecoms equipment maker Ericsson soared 12.4% after it reported a better-than-expected rise in quarterly earnings and played down the impact of U.S. tariffs.
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