Saturday 17 November 2018

European shares fall to lowest levels in nearly two years

(stock picture)
(stock picture)
Independent.ie Business Desk

Independent.ie Business Desk

European shares fell to their lowest levels in nearly two years on Tuesday as a new batch of third-quarter earnings failed to offset growing concerns on Brexit, Italy's budget, Saudi isolation, trade wars, Chinese growth and US interest rates.

The pan-European STOXX 600 was down 1.1pc at 0826 GMT, its lowest level since December 2016 as it headed towards a fifth day of losses after a negative close in Asia and on Wall Street.

Other benchmarks sustained heavy losses, such as Germany's DAX down 1.4pc, also at December 2016 lows.

"Risk off the table as geopolitical tensions remain," was the message from LCG analyst Jasper Lawler to his clients ahead of the open.

The European tech sector posted the worst performance, down 2.2pc after chipmaker AMS tumbled and lost 17pc after its outlook failed to convince investors.

Reuters

Business Newsletter

Read the leading stories from the world of Business.

Also in Business