Published On: Thu, May 18th, 2017

UK, French, German Stock Markets Fall

By Investors Hub

European stocks have extended yesterday’s losses on Thursday amid worries that the firing of FBI Director James Comey will hinder the US President Donald Trump’s proposed tax overhaul and his broader economic stimulus agenda.

The UK’s FTSE 100 Index has tumbled by 1.3 percent, the French CAC 40 Index is down by 1 percent and the German DAX Index is down by 0.8 percent.

While the euro held somewhat steady, the pound rose above $1.30 for the first time since September in the wake of the growing scandal engulfing Trump and amid strong retail sales data.

UK retail sales volume including auto fuel grew 2.3 percent month-on-month in April, reversing a 1.4 percent drop in March, official data showed. This was the fastest growth since January 2016. Retail sales excluding auto fuel climbed 2 percent in contrast to March’s 1.2 percent decrease.

ALSO READ  Crude Swap: AITEO Pays Outstanding $202m

Elsewhere, France’s unemployment rate based on ILO norms unexpectedly dropped to 9.6 percent in the first quarter, the lowest level in five years, from 10 percent in each of the three previous quarters, preliminary data from INSEE showed.

Banking stocks have moved notably lower and mining stocks have also succumbed to selling pressure as copper hit one-week low on uncertainty about Trump’s economic agenda.

ALSO READ  Kenya Invites African Entrepreneurs

Swedish debt collection firm Intrum Justitia has slumped after it proposed a string of divestments to meet EU demands related to a planned merger with Norwegian rival Lindorff.

Italy’s Fiat Chrysler has also come under pressure following reports that the US Justice Department is preparing to sue the company over excess diesel emissions.

Land Securities, Britain’s largest listed property developer, have moved lower after warning of Brexit uncertainty hitting the London office market.

German life sciences group Merck KgaA has also dropped after its first-quarter net profit declined 11.8 percent from a year earlier.

©Business Post Nigeria. Permission to reproduce, publish, broadcast, rewrite or redistribute this content or any other on this website in whole or in part is granted so far appropriate credit is given to www.businesspost.ng as the source.  
ALSO READ  NCDMB Boss Tasks Staff on Productivity, Professionalism
If you seek further information, please contact us via businesspostnigeria@gmail.com or call 08180851450.   Do you have a story  for us or you want your press releases published on our platform or you simply want us to cover your event? Kindly reach us through the above contact details. Thank you.

About the Author

- Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Leave a comment

XHTML: You can use these html tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

%d bloggers like this: