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Jul 16, 2018

European Markets at Close Report I CNBC

cnbc.com

European stocks close lower as Trump and Putin meet; earnings in focus

Silvia Amaro, Ryan Browne


European shares closed lower on Monday as investors focused on earnings and monitored a meeting between the United States and Russia.
 
FTSE FTSE 7600.45 -61.42 -0.80% 604099698
DAX DAX 12561.02 20.29 0.16% 100110833
CAC CAC 5409.43 -19.77 -0.36% 58397245
IBEX 35 --- --- --- --- --- ---

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Trade and political concerns could weigh on Germany’s economic performance. Bundesbank Governor Jens Weidmann told the German government at a cabinet meeting that there are increasing risks of an economic slowdown due to trade and political events. The central bank cut its growth forecasts for this year last month, Reuters reported.
In terms of data, the euro zone narrowed its trade surplus in May for the third month in a row. The surplus stood at 16.9 billion euros ($19.77 billion) in May from 18 billion euros in April.
Meanwhile, oil prices dipped after U.S Treasury Secretary Steven Mnuchin said the Trump administration would consider waivers for some countries to allow them to continue buying oil from Iran. Trump withdrew from the Obama-era Iran nuclear deal and restored sanctions on Iran earlier this year.