Sunday 22 September 2019

European shares slip on recession, Brexit worries

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

Independent.ie Business Desk

European stocks were slightly lower in early trading on Thursday, as fears of a global recession and the impact of a disorderly Brexit kept investors away from risky assets.

Prime Minister Boris Johnson decided to suspend Britain's parliament for more than a month before Brexit, a move that will limit the time opponents have to derail a disorderly Brexit and increases the chance that Johnson could face a vote of no-confidence in his government.

However, the fall in the pound helped Britain's FTSE 100 rise 0.14pc and outperform the pan-European STOXX 600 index, which was flat by 07:10 GMT.

Meanwhile, the Trump administration on Wednesday officially stamped its extra 5pc tariff on $300bn in Chinese imports and set collection dates of September 1 and December 15, the latest move in a trade war between the two countries that has entered its second year.

British IT group Micro Focus slumped 24pc after it warned on profit, citing lower spending by clients.

Reuters

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