European Stocks Slide as Traders Eye Economic Data and Policies
European stocks fell at the end of a holiday-shortened week, with traders looking for economic signals and potential policy shifts in the U.S.
European Stocks, Economic Data, Donald Trump, China, Investors
Bengaluru: So, European stocks took a little dip at the end of the week, right after the holidays. Traders are really keeping an eye on economic data to figure out what might happen with interest rates and any changes in U.S. policies, especially with Trump coming into the picture.
The pan-European STOXX 600 index fell by 0.1% early in the morning, but it’s still on track for a 0.7% rise for the week. Trading was pretty light since folks were just getting back from their New Year breaks.
In Switzerland, stocks actually went up by 0.5% in their first trading session of the year. Meanwhile, Germany’s DAX dropped by 0.2%, and France’s CAC 40 slid down by 0.5%.
Some sectors tied to China, like mining and automaking, faced some pressure. This came even after a Beijing official mentioned plans to boost funding through ultra-long treasury bonds to help business and consumer spending.
Investors are a bit anxious about China’s economy and the possibility of a trade war with the U.S. as Trump’s inauguration approaches on January 20.
On a brighter note, Tullow Oil saw a big jump of 12.5% after they announced they wouldn’t have to pay $320 million in taxes thanks to a ruling from the International Chamber of Commerce regarding their operations in Ghana.