Europe closes lower after strong start

Monday, 12. August 2019 17:30

European equities gave up gains from early in the session to close in the red on Monday. Among issues occupying investors, the ongoing trade war between China and the United States continues to rattle markets. Earlier today, the official exchange rate of the Chinese yuan remained well above seven per dollar and hit 7.0698 for the first time since March 18, 2008. Trade talks are set to resume in September.

Meanwhile, escalating tensions in Hong Kong were also in focus as the city's airport was forced to cancel all departures amid mass anti-government protests.

The DAX lost 0.12% at the end of trading, led lower by Deutsche Bank plunging 5.49%. In Paris, Societe Generale and LVMH dragged the CAC 40 0.24% in the red. The FTSE 100 dipped 0.37%; Rolls Royce was the worst performer, retreating 3.49%.

The euro advanced 0.13% against the dollar at 5:45 pm CET, buying 1.12153. Moments later, the British pound gained 0.29% versus the US currency, going for 1.20627.

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Author:
Breaking the News / JC