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April 6, 2018, 4:59 p.m. EDT

European stocks closed lower on trade spat, but log a back-to-back weekly rise

ASML, HSBC, retailers among the big losers

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By Barbara Kollmeyer, MarketWatch

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“Nevertheless, markets will be sensitive to the fact that a full-blown trade war could result if the two camps back themselves into a corner. The risk of miscalculation increases the more the two sides push this,” he said.

Stock movers

The chip sector was a big loser in Europe. ASML Holdings NV /zigman2/quotes/210293876/composite ASML -1.29%   /zigman2/quotes/206208657/delayed NL:ASML -1.78%  shares dropped 1.7%, while Germany’s Infineon Technologies AG /zigman2/quotes/204995926/delayed DE:IFX -3.21%  fell 0.8%.

The sector was in focus Friday as Samsung Electronics Co. Ltd. /zigman2/quotes/209800866/delayed KR:005930 -0.17%  reported earnings amid concerns a trade-war could hit its chip business. Also, analysts at UBS said Thursday that the semiconductor industry will face headwinds this year.

Among the heavyweights in Germany, shares of industrial manufacturing giant Siemens AG /zigman2/quotes/200873563/delayed DE:SIE -4.35%  fell 0.2%. Chemical group BASF SE /zigman2/quotes/204280060/delayed DE:BAS -6.00%  shed 0.5%.

Also weighing on the downside was banking giant HSBC PLC /zigman2/quotes/203901799/delayed UK:HSBA -5.26%   /zigman2/quotes/208272822/composite HSBC -5.52% , which fell 1.3%.

In Italy, shares of Telecom Italia SpA /zigman2/quotes/203233528/delayed IT:TIT -3.03%  surged 6.9% after Vivendi SA /zigman2/quotes/202179234/delayed FR:VIV -2.64% (VIV.FR) announced its candidates for the Italian telecom’s board, and as Italy’s state-controlled lender CDP approved its plan to take a stake in the company, both on Thursday.

The economy

The U.S. nonfarm payrolls data for March showed a far-weaker-than-expected gain of 103,000, against an expectation of 170,000. It was the smallest gain in six months. Hourly wages rose 8 cents, or 0.3%, to $26.82 in March. The 12-month increase in pay edged up to 2.7% from 2.6%.

Federal Reserve Chairman Jerome Powell on Friday backed a “patient” approach to raising interest rates. “The FOMC’s patient approach has paid dividends and contributed to the strong economy we have today,” Powell said, in a speech to the Economic Club of Chicago.

—Mark DeCambre contributed to this article

/zigman2/quotes/210293876/composite
US : U.S.: Nasdaq
$ 361.62
-4.72 -1.29%
Volume: 543,720
Sept. 21, 2020 3:41p
P/E Ratio
47.48
Dividend Yield
0.62%
Market Cap
$153.05 billion
Rev. per Employee
$555,391
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/zigman2/quotes/206208657/delayed
NL : Netherlands: Euronext Amsterdam
302.95
-5.50 -1.78%
Volume: 996,831
Sept. 21, 2020 5:35p
P/E Ratio
43.89
Dividend Yield
0.79%
Market Cap
€129.05 billion
Rev. per Employee
€470,770
loading...
/zigman2/quotes/204995926/delayed
DE : Germany: Frankfurt
23.10
-0.77 -3.21%
Volume: 52,069
Sept. 21, 2020 8:58p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
N/A
Rev. per Employee
€194,374
loading...
/zigman2/quotes/209800866/delayed
KR : S. Korea: KRX
59,200.00
-100.00 -0.17%
Volume: 15.14M
Sept. 21, 2020 3:30p
P/E Ratio
18.52
Dividend Yield
2.39%
Market Cap
₩395893.08 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/200873563/delayed
DE : Germany: Frankfurt
112.68
-5.12 -4.35%
Volume: 11,837
Sept. 21, 2020 8:58p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
N/A
Rev. per Employee
€219,884
loading...
/zigman2/quotes/204280060/delayed
DE : Germany: Frankfurt
50.88
-3.25 -6.00%
Volume: 26,703
Sept. 21, 2020 8:59p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
N/A
Rev. per Employee
€512,034
loading...
/zigman2/quotes/203901799/delayed
UK : U.K.: London
288.00 p
-16.00 -5.26%
Volume: 38.79M
Sept. 21, 2020 4:35p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
£61.92 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/208272822/composite
US : U.S.: NYSE
$ 18.64
-1.09 -5.52%
Volume: 5.21M
Sept. 21, 2020 3:41p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$80.25 billion
Rev. per Employee
$366,224
loading...
/zigman2/quotes/203233528/delayed
IT : Italy: Milan
0.34
-0.01 -3.03%
Volume: 131.42M
Sept. 21, 2020 5:35p
P/E Ratio
N/A
Dividend Yield
2.92%
Market Cap
€7.46 billion
Rev. per Employee
€327,110
loading...
/zigman2/quotes/202179234/delayed
FR : France: Euronext Paris
23.21
-0.63 -2.64%
Volume: 3.51M
Sept. 21, 2020 5:38p
P/E Ratio
15.24
Dividend Yield
2.59%
Market Cap
€27.24 billion
Rev. per Employee
N/A
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Barbara Kollmeyer is an editor for MarketWatch in Madrid. Follow her on Twitter @bkollmeyer.

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