European shares sank to ten week lows on Wednesday as Chinese newspapers warned ...
- European shares sank to ten week lows on Wednesday as Chinese newspapers warned Beijing was ready to use its supply of rare earths in an increasingly bitter trade dispute with the United States, sending investors scurrying for perceived safe havens for capital globally.
Frankfurt’s DAX, typically sensitive to trade headlines, fell 1.3% while the FTSE 100 performed only slightly better as its big industrial miners and oil producers slid.Donald Trump’s tit-for-tat war with Beijing over everything from microchips to soy beans has seen European markets sink more than 5% so far in May, putting the STOXX on course for its first monthly fall this year.
At the heart of the concern over trade is the threat that it will cripple already slowing global growth, driving major western economies into recession and preventing China from filling the gap as it has done for much of the past two decades. Europe’s bank index also shed 1.3% as Italy’s dispute over its budget with the European Union continued to hurt sentiment.
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