Thursday 19 September 2019

European stocks fall as recession fears ramp up

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

Independent.ie Business Desk

European shares were trading lower in early deals on Wednesday, led by losses in technology stocks, as fears that major economies might be on the brink of recession intensified.

A deep inversion in the US Treasury yield curve once again rattled investors still worried about economic growth in the face of a US-China trade war that is now in its second year and is weighing on the global economy.

The pan-European STOXX 600 index slipped 0.47pc by 07:15 GMT, with Germany's trade-sensitive DAX underperforming with a 0.54pc drop.

The biggest fallers on the DAX were software provider SAP SE , chipmaker Infineon Technologies AG and payments company Wirecard AG.

They were down between 0.9pc and 1.2pc.

Shares of British oil major BP Plc rose 1.1pc and gave the biggest boost to the main index, after the company agreed to sell all its Alaskan properties for $5.6bn to privately held Hilcorp Energy.

Reuters

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