Global turmoil hits Europe’s shares

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Global turmoil hits Europe’s shares

Reuters

European markets slipped into the red yesterday as geopolitical events from Brexit to US President Trump’s continuing trade war with China weighed on stocks.

Shares in airlines including Ryanair and EasyJet declined as tour operator Thomas Cook plunged as much as 33pc after it issued a profit warning.

A scorching summer in the UK proved disastrous for the operator after it beefed up its fleet and locked-in hotel rooms for demand that failed to materialise.

The declines in airline stocks came even as oil continues a downward trend.

It held firm yesterday, however, as traders await a G20 summit in Argentina this week before Opec meets next week. Analysts are hoping production will be cut.

US stocks also declined yesterday after Mr Trump’s threat to move ahead with additional tariffs on Chinese goods dampened hopes of resolving the trade spat at the upcoming summit.

“The market remains in a fragile state and because of that anytime tariffs come into the picture you have worries,” said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.

“Investors are looking for some positive news out of the G20, but until there is a concrete announcement on tariffs, investors will remain jittery,” he said.

Ireland’s Iseq Overall Index fell 1pc to 5,868. Ryanair declined almost 3pc to €11.88, while insurance group FBD lost 3.8pc to €9.50. Gainers included ferry operator Irish Continental, which added 4.5pc to €4.39.

The UK’s FTSE-100 was down 0.2pc. Germany’s DAX declined 0.4pc and France’s CAC-40 was 0.2pc lower.

Source: https://www.independent.ie/business/world/global-turmoil-hits-europes-shares-37573133.html