European markets finish lower on Italy, UK worries

Friday, 09. August 2019 17:38

European stocks closed lower on Friday amid political turmoil in Italy and the United Kingdom's underwhelming economic data published during the trading session. Earlier, Italy's ruling League (Lega Nord) party submitted a motion of no confidence in the country's government, pushing for snap elections, while the UK's Office for National Statistics reported that the country's GDP and industrial production contracted in the second quarter of 2019.

The FTSE 100 lost 0.59% at the end of the session, while the DAX in Germany dropped 1.39% concurrently. ThyssenKrupp AG and Continental AG were the worst performers, losing 6.48% and 3.27%, respectively. Meanwhile, in Paris, the CAC 40 dipped 1.03% with ArcelorMittal SA leading the losses with its 6.79% drop shortly before the closing bell.

The euro gained 0.26% against the dollar at 5:36 pm CET, buying $1.121, while the pound declined 0.46% versus the greenback, changing hands for $1.2077 a minute later.

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