World markets slump on concern about China’s economic outlook
Car makers fell 1.5% after US government official Charles Grassley said he thought Donald Trump would impose tariffs on European cars
London - Concern over China's economic outlook and possible US tariffs on European cars dragged stocks lower on Thursday, while an anticlimactic end to the latest chapter in the Brexit saga offered sterling a moment's peace. Fresh news was thin as European trading got under way, but traders had more than enough to digest from last 24 hours to follow Asia's overnight dip into the red. Car makers fell more than 1.5% after US Senate finance committee chair Charles Grassley said he thought Donald Trump was inclined to impose tariffs on European cars to win better terms on agriculture. Banks were hit by disappointing Societe Generale results and the tech sector was under pressure after one of world's biggest chip producers, Taiwan Semiconductor, forecast its steepest drop in revenue in a decade. “There is some focus on the Grassley comments in relation to auto trade tariffs and also reference to there not being much progress in the US China negotiations last week,” said Bank of Tokyo Mit...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.