EUROPE MARKETS: European Stocks Drop As Trump Worries Rattle Markets
17 May 2017 - 10:26PM
Dow Jones News
By Carla Mozee, MarketWatch
Euro rises above $1.11 for first time in six months
European stocks fell Wednesday, keying off losses in U.S. stock
futures seen as driven by political worries over U.S. President
Donald Trump.
Concerns grew after The New York Times reported that Trump in
February asked James Comey, then-director of the Federal Bureau of
Investigation, to stop his investigation into links between Trump's
associates and Russian officials
(http://www.marketwatch.com/story/us-stock-futures-under-pressure-amid-fresh-concerns-over-trump-2017-05-17).
The Stoxx Europe 600 index ) lost 0.3% to 394.74. No sector
traded higher. The index on Tuesday finished slightly lower
(http://www.marketwatch.com/story/european-oil-mining-shares-bounce-up-outpacing-broader-market-2017-05-15).
In the U.S., Dow Jones Industrial Average futures
(http://www.marketwatch.com/story/us-stock-futures-slide-as-concerns-over-trump-grow-2017-05-17)
fell 85 points and S&P 500 futures shed 0.4%.
"Given that the 'Trump trade' is one of the main reasons the
market has been able to break records of late, it is understandable
that the scandal engulfing the U.S. government would be of some
concern to investors," said Spreadex financial analyst Connor
Campbell, in a note.
"That's because this crisis will likely prevent Trump from
pushing through the very policies -- like his huge infrastructure
plans and generous tax cuts -- that fueled much of the recent rally
any time soon, undermining the basis for the current highs."
The euro rose to $1.1114, as the U.S. dollar lost ground
(http://www.marketwatch.com/story/dollar-edges-down-as-analysts-blame-trump-worries-2017-05-17)
against major rivals. The euro hasn't traded above $1.11 since
around the time of the November U.S. presidential election.
Individual indexes: Germany's DAX 30 , which has notched record
closing highs in recent sessions, was down 0.3% at 12,769.80.
France's CAC 40 declined 0.5% to 5,381.80.
In London, the FTSE 100 darted between small gains and losses
(http://www.marketwatch.com/story/ftse-100-steady-ahead-of-jobs-data-but-trump-worries-limit-gains-2017-05-17).
Italy's FTSE MIB dropped 0.5% to 21,667, and Spain's IBEX 35 moved
down 0.2% to 10,956.
Stock movers: Tullow Oil PLC (TLW.LN) shares climbed 2.6% after
the oil producer said it struck oil at a well in Kenya's South
Lockihar Basin.
Thyssenkrupp AG shares (TKA.XE) jumped 4% after Tata Steel Ltd.
(500470.BY) moved closer to reaching a final agreement over changes
to its U.K. pension liabilities. "As we view a solution on Tata's
pensions as a key step in the process towards a possible deal with
Thyssen, we believe this has been good news," wrote Deutsche Bank
analyst Bastian Synagowitz.
British Land shares (BLND.LN) were pulled down 3.2% after the
U.K. property developer posted a decline in the net value a share
of its assets, pressured by falling residential, retail and office
real-estate prices.
(http://www.marketwatch.com/story/british-land-profit-down-as-property-values-fall-2017-05-17)
Ubisoft Entertainment SA (UBI.FR) shares fell 2.6% although the
maker of the upcoming "Far Cry 5" video game posted a rise in
full-year profit.
(END) Dow Jones Newswires
May 17, 2017 08:11 ET (12:11 GMT)
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