The European stock markets went down fast again on Monday. The sales wave that started on Friday due to the fierce trade fear continued to flood the markets. Investors sold their shares and started looking for safer investments such as government bonds and gold.

The AEX index was 1.8 percent in the red at 544.54 points by local time noon. The main index already plummeted by 3.2 percent on Friday. The MidKap lost 1.6 percent to 808.80 points. The stock exchanges in Paris, Frankfurt and London lost up to 2 percent.

On the trade front, China took countermeasures on Monday following the threat from US President Donald Trump to levy new import tariffs on goods from the country. Beijing allowed the Chinese yuan to fall to the lowest level in ten years and suspended the purchase of American agricultural products.

Trade tensions

The European steel companies and chip companies that are severely affected by international trade tensions went on sale again. In London, the Anglo American and Antofagasta miners fell to 3.9 percent. Steel group ThyssenKrupp fell 3.3 percent in Frankfurt. The chip makers Dialog Semiconductors and STMicroelectronics lost 1.6 and 3.5 percent.

At the Damrak, chip machine maker ASML and chip supplier Besi fell by more than 2 percent. Stainless steel producer Aperam lost 2.4 percent following a recommendation cut by Kepler Cheuvreux. The securities house also became more negative about steel maker ArcelorMittal, who lost 4.1 percent in the AEX. The specialty chemicals company DSM was faced with a reduction in advisory by ABN AMRO and was the largest drop with a minus 4.5 percent.

Takeaway / Just Eat merger event won 0.9 percent. The meal ordering company and its counterpart Just Eat (minus 0.6 percent) have finally agreed on a merger. Post deliverer PostNL (plus 6.3 percent) and pharmacy company Fagron (plus 4.3 percent) were the best after well received trade updates.

The euro was worth $ 1,1146, against $ 1,1111 on Friday. A barrel of American oil cost 0.7 percent less than $ 55.28. The price of Brent oil also fell 0.7 percent to $ 61.46 a barrel.

Load More Related Articles
Load More By WeeklyNews staff
Load More In Business

Leave a Reply

Your email address will not be published. Required fields are marked *

Check Also

Google puts ‘climate change’ into law, heretics will be prosecuted

Google will no longer place ads on websites that show ‘disinformation’ about t…