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Aug 22, 2018

European Markets at Close Report - European markets mixed amid US-China trade talks; I Continental tanks 10% ICNBC


Ryan Browne, Sam Meredith


European stocks were mixed Wednesday, as investors continued to monitor trade talks between the world's two largest economies.
 
FTSE FTSE 7573.59 7.89 0.10% 379407915
DAX DAX 12373.48 -11.01 -0.09% 52184685
CAC CAC 5419.53 10.93 0.20% 43296913
IBEX 35 --- --- --- --- --- ---
The pan-European Stoxx 600 was flat, with sectors and major bourses pointing in opposite directions.
Europe's autos stocks were the worst performers Wednesday, down 3.47 percent after President Donald Trump said at a campaign rally that the U.S. would slap 25 percent tariffs on "every car that comes into the United States from the European Union."
In a Wall Street Journal interview published Tuesday, Commerce Secretary Wilbur Ross said that a decision regarding autos charges would be delayed because of ongoing negotiations with Mexico, Canada and the European Commission. He declined to set a new timeline.
Shares of Schaeffler, Michelin and Faurecia were all trading lower Wednesday morning, after Germany's Continental issued a profit warning and dragged other auto supplier stocks into negative territory. Continental was trading 13.68 percent lower.
Looking at individual stocks, hearing aid maker GN Store Nord rose to the top of the European benchmark after raising its 2018 sales and profit outlook. The stock was up by 7.44 percent.
Elsewhere, Norway's Marine Harvest was trading lower Wednesday, after the company — one of the world's largest salmon producers — cut its 2018 output forecast. Shares of the firm were down around 1 percent.

Trade war

On Wall Street, equities navigated through choppy trade as traders monitored domestic political uncertainty. Still, the U.S. bull market is set to be the biggest in history.
Market focus is largely attuned to trade discussions between the U.S. and China this week, with investors hopeful they might be able to find a way to resolve an escalating global trade conflict.
President Trump reportedly said Monday that he did not anticipate much progress from the trade negotiations.
On Tuesday, two of Trump's key allies, Michael Cohen and Paul Manafort, were surrounded in legal troubles. Cohen, Trump's former personal lawyer, pleaded guilty to eight criminal charges, while Manafort, the president's former campaign manager, was convicted on eight counts in a separate case.