Europe ends lower as Italy PM Conte resigns

Tuesday, 20. August 2019 17:30

Stock markets in Europe closed in the red on Tuesday as Italian Prime Minister Giuseppe Conte decided to end the volatile coalition between the Five Star Movement and the Northern League, giving in to pressure ratcheted up by Interior Minister Matteo Salvini who recently called for a no-confidence motion in Conte's leadership.

Brexit was also in focus, after United Kingdom Prime Minister Boris Johnson asked the European Council to remove the backstop clause from the Brexit agreement, but failed, however, to provide a sustainable alternative to the controversial clause, according to the European Commission. Furthermore, the government in London announced it would stop attending "most" EU meetings starting from September in order to concentrate on the country's future relations with the bloc.

The DAX was 0.58% lower at the close as Vonovia plunged 3.12%.

The CAC 40 ended the session 0.62% in the red with ArcelorMittal as the worst performer dropping 2.36%.

The British FTSE 100 dipped 0.94% at the end of the session as Kingfisher dove 3.63%.

The euro added 0.11% changing hands for 1.1091 at 5:30 pm CET.

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Breaking the News / GG