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European shares hit by trade worries as pressure grows on UK's May

Published 23/05/2019, 08:28
European shares hit by trade worries as pressure grows on UK's May
UK100
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DE40
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MBGn
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CBKG
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STOXX
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SX8P
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SXAP
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SXPP
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MERL
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(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
May 23 (Reuters) - European shares fell sharply on Thursday,
as investors grappled with the latest round of U.S.-China trade
friction while British Prime Minister Theresa May faced growing
pressure to resign.
By 0710 GMT, the pan-European STOXX 600 .STOXX had dropped
0.8%, with Germany's traditionally trade-sensitive DAX .GDAXI
down a full percentage point.
That tracked a slide in Asian shares to four-month lows, as
investors worried the U.S.-China trade feud was fast turning
into a technology-focused cold war. European auto .SXAP and mining .SXPP sector indexes shed
2.80% and 1.04% respectively.
British chip designer ARM was the latest to suspend ties
with net gear and phone maker Huawei HWT.L , joining a list of
companies that are complying with a U.S. blockade of the Chinese
firm. The technology sector .SX8P also slipped 1.25%.
London's FTSE 100 .FTSE slipped 0.5% with Brexit-sensitive
homebuilders among the worst hit.
The pound hovered near four-month lows as a key ally
resigned from May's cabinet late on Wednesday, fuelling calls
for the Prime Minister to resign. A report from The Times said
May is expected to announce her departure from office on Friday.
The new attempt to oust the prime minister comes as voters
head to the polling booths for the European elections, with
May's ruling Conservative party facing a big defeat.
Among stocks, Merlin Entertainments MERL.L rose 5% after
activist shareholder ValueAct urged the Madame Tussauds owner to
go private and said the company could be valued about 20% more
than its current price. Shares of Daimler DAIGn.DE , Commerzbank CBKG.DE , traded
ex-dividend, were down sharply.

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