European markets plunge after May speech

Friday, 02. March 2018 17:38

European markets closed sharply lower on Friday, following United Kingdom's Prime Minister Theresa May speech laying out five principles of a future trade relationship between her country and the European Union. Earlier, French Minister of Finance Bruno Le Maire responded to the United States President Donald Trump's decision to impose import tariffs on steel and aluminum by saying that a potential trade war between the US and the EU would result in "losers" on both sides.

The FTSE 100 was 1.47% lower at the end of the session, with Rio Tinto and GKN leading the losses, falling 3.52% and 3.26% respectively.

German DAX lost 2.27% at the closing bell. ThyssenKrupp was the biggest loser, ending the day 4.08% lower following news on the company being blocked from a warship tender.

French CAC 40 ended the day 2.39% in the red. LafargeHolcim stocks tumbled 7.86% after its new chief executive halted a share buyback program.

The euro jumped against the dollar, gaining 0.44% and sold for 1.2317 at 5:53 am CET.

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