European Stocks Slump as Trade Spat Hits Autos, Industrials
- Exporters-heavy DAX falls 1.8% as Siemens, automakers tumble
- VStoxx has surged 28% this week in volatile start to August
This article is for subscribers only.
European stocks sank for a second day, mirroring a sharp pull-back in Asian shares, as the prospect of higher U.S. tariffs on Chinese goods looked increasingly likely, hammering cyclical sectors such as mining and autos.
The Stoxx Europe 600 Index retreated 0.7 percent, after falling 0.5 percent on Wednesday. Germany’s exporters-heavy DAX index was down 1.7%. Gauges for basic resources and autos sectors were down 2.5 percent and 1.9 percent respectively. They have been the biggest casualties of the global trade tensions so far, with both sectors down about 12 percent since mid-June.