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Trade angst, Infineon deal pull European shares lower

Published 03/06/2019, 08:34
Updated 03/06/2019, 08:40
Trade angst, Infineon deal pull European shares lower
DE40
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STMPA
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IFXGn
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ASMI
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CY_old
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STOXX
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SX8P
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(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
June 3 (Reuters) - European shares took another leg down on
Monday as China sent another shot across Washington's bows on
trade, stirring fears of recession, while German chipmaker
Infineon's deal to buy a U.S. peer weighed on the technology
sector.
The pan-European STOXX 600 .STOXX was down 0.6% by 0720
GMT, extending losses from Friday that marked its worst monthly
performance this year. Germany's DAX .GDAXI , which is
particularly exposed to trade risks, was down 0.7% to a
two-month low.
Stock markets globally took a hammering in May, with the
STOXX sinking more than 6% as a series of new developments in
President Donald Trump's trade war with China and others
convinced some investors a slide into recession was possible
over the next year.
Data on Monday showed factory activity across most Asian
countries contracted last month, indicating tariff wars were
taking a toll. Results of the latest surveys on European and
U.S. manufacturing are due later in the day. In M&A news, Germany's Infineon IFXGn.DE agreed to buy
U.S. peer Cypress Semiconductors CY.O in a deal valuing the
company at 9 billion euros, including debt. Infineon's shares
fell 5%, putting it at the bottom of the STOXX 600. The tech sector .SX8P , also heavily exposed to the trade
issue, was down 1.1%, with other chipmakers STMicroelectronics
STM.MI and ASM International ASMI.AS falling more than 1%
each.

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