European stocks drop on trade, Brexit fears

Wednesday, 20. March 2019 09:21

Investors were looking for safety on Wednesday in early trade on equity exchanges in Europe. Bayer's plunge spurred by a cancer verdict soured sentiment further after they were alerted by disputes between the United Kingdom and the European Union over the possibility to extend the March 29 Brexit deadline. Focus also remained on trade talks between the United States and China, with unconfirmed news reports that negotiators weren't finding common ground in substantial matters.

The FTSE 100 index was 0.1% lower at 8:16 am CET and miners were particularly hit. Antofagasta lost the most, 3.79%. The German DAX tumbled 0.82%, as the chemicals and pharma giant lost 12.2% to land at the bottom of the chart. The CAC 40 was down 0.23% after an outage upon the opening bell, with ArcelorMittal and Total being the worst stocks. The steel giant fell 1.5% and the oil producer tumbled 1.07%.

Gold was notably lower as well, selling for $1,303.23 per ounce or 0.25% less for the day. The euro was marginally lower at $1.13467 and gained 0.32% to £0.85813, while the pound lost 0.34% to $1.32216.

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