European Markets Show Decline After US, China Deal
(MENAFN) Most European equities closed lower midweek, with the exception of the United Kingdom, following United States Leader Donald Trump's declaration of a new trade arrangement with China after discussions between the leading global economies took place in London.
The broad European index, Stoxx 600, declined by 0.27 percent, equating to a drop of 1.48 points, and settled at 551.64.
Germany's DAX 40 slid by 0.16 percent to conclude the session at 23,948.9, while France's CAC 40 decreased by 0.36 percent, closing at 7,775.9.
Italy’s FTSE MIB 30 edged down slightly, falling 0.07 percent to finish at 40,180.24.
Conversely, the UK’s FTSE 100 defied the general downturn, posting a modest gain of 0.13 percent to reach 8,864.35.
According to Leader Trump, a commercial agreement between Washington and Beijing “is done,” pending final confirmation from the leaders of both nations.
In an online statement, he declared the US “is getting a total of 55% tariffs, China is getting 10%.”
He further added, “Full magnets, and any necessary rare earths, will be supplied, up front, by China," and assured, "Likewise, we will provide to China what was agreed to, including Chinese students using our colleges and universities (which has always been good with me!)."
"Relationship is excellent!" he concluded.
Later, Trump emphasized that he and Chinese President Xi Jinping "are going to work closely together to open up China to American Trade.”
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