Bulletin
Investor Alert

New York Markets After Hours

Europe Markets Archives | Email alerts

Nov. 13, 2019, 6:14 a.m. EST

European stocks drop amid disappointment over Trump trade comments

ABN Amro, autos, banks among the losing stocks

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    STOXX Europe 600 Index (SXXP)
  • X
    DAX (DAX)
  • X
    CAC 40 Index (PX1)

or Cancel Already have a watchlist? Log In

By Barbara Kollmeyer, MarketWatch


AFP via Getty Images
Employees work on the new Volkswagen electric car, the ID.3 model, at the Volkswagen car factory in Zwickau, eastern Germany.

European stock markets fell on Wednesday, a day after comments from President Donald Trump unsettled investors hoping for some calm on the trade front, and as a decision over U.S. tariffs on the region’s automobiles looms.

The Stoxx Europe 600 index /zigman2/quotes/210599654/delayed XX:SXXP +0.33%  , which finished up 0.4% on Tuesday, fell 0.6% to 404.17.

The German DAX /zigman2/quotes/210597999/delayed DX:DAX +0.57%  dropped 0.9% to 13160.76, the French CAC 40 /zigman2/quotes/210597958/delayed FR:PX1 +0.40%  dropped 0.6% to 5883.58 and the U.K. FTSE 100 /zigman2/quotes/210598409/delayed UK:UKX +0.79%  fell 0.5% to 7325.49.

A day after a flat finish for the Dow Jones Industrial Average, futures for that index /zigman2/quotes/210407078/delayed YM00 +0.82%  dropped 134 points, or 0.5%, to 27,534, with S&P 500 /zigman2/quotes/209948968/delayed ES00 +0.84%  and Nasdaq-100 /zigman2/quotes/210219788/delayed NQ00 +1.09%  futures also sliding. Tensions continued to rise in Hong Kong, where the index dropped nearly 2%.

Investors will be looking to comments coming later from the Federal Reserve Chairman Jerome Powell, who will appear in testimony before the U.S. Congress. Analysts expect him to largely reiterate a stance that current monetary policy is appropriate provided the data doesn’t worsen.

Global equities were pulling back after Trump told the Economic Club of New York on Tuesday that a phase-one trade agreement with China was close, but he also warned that if a deal doesn’t get done, “we’re going to substantially raise the tariffs.”

The next round of U.S. levies on Chinese products is scheduled to go into effect on December 15 and covers $156 billion of goods, including toys and computers. The U.S. administration must also soon decide whether it will again delay a 25% tariff hike on European automobile imports.

“There was no reassurance that import tariffs on European cars aren’t coming,” said Kit Juckes, global head of foreign exchange strategy at Société Générale, in a note to clients.

Automobile companies fell across the board in Europe, with Daimler AG /zigman2/quotes/205332368/delayed DE:DAI +0.84% , Volkswagen AG /zigman2/quotes/204309985/delayed DE:VOW3 +0.46% /zigman2/quotes/204309985/delayed DE:VOW3 +0.46% and BMW /zigman2/quotes/202432319/delayed XE:BMW +0.81%   /zigman2/quotes/209548467/delayed DE:BMW +0.59%  all down more than 1%.

Bank losses also fell, with shares of ABN Amro Bank NV /zigman2/quotes/209088556/delayed NL:ABN +4.17%  plunging over 4% after posting a 24% fall in net profit for the third quarter. It also announced a plan to beef up financial-crime detection, after last month confirming a related probe by the Dutch authorities.

Among other heavyweight banks, shares of HSBC Holdings /zigman2/quotes/203901799/delayed UK:HSBA +2.63%   /zigman2/quotes/208272822/composite HSBC +2.07%  dropped 2.3%.

Spanish banks were particularly hard hit. Banco de Sabadell SA /zigman2/quotes/206753237/delayed ES:SAB +4.63%  slid 4%, with Banco Santander SA /zigman2/quotes/202859081/composite SAN +4.11%   /zigman2/quotes/205677933/delayed ES:SAN +3.55%  and BBVA SA /zigman2/quotes/204078760/composite BBVA +4.01%   /zigman2/quotes/209653399/delayed ES:BBVA +3.28%  each off 3%. Those losses came a day after Prime Minister Pedro Sánchez’s Socialists reached a preliminary post-election coalition deal with far-left party Unidos Podemos. But those parties still need the support of other parties to form a government, and analysts said that may be difficult.

Spain’s IBEX 35 index /zigman2/quotes/210597995/delayed XX:IBEX +0.81% , which fell on Tuesday on news of the coalition deal, slid 1.4% to 9,154.60, leading declines across European regional stock indices.

Elsewhere, shares of Coca-Cola HBC /zigman2/quotes/200383650/delayed UK:CCH -1.36%  jumped 4% after the Swiss-based bottler said trading in the third quarter of 2019 was strong, and offered an upbeat assessment of its full-year outlook.

Shares of Tullow Oil /zigman2/quotes/205079109/delayed UK:TLW +15.19%  plunged 20% after the energy company said oil production would be below guidance for the full year, largely due to its Ghana production performance.

/zigman2/quotes/210599654/delayed
XX : STOXX
407.58
+1.36 +0.33%
Volume: 0.00
Dec. 12, 2019 5:50p
loading...
/zigman2/quotes/210597999/delayed
DAX
DX : Xetra Indices
13,221.64
+74.90 +0.57%
Volume: 83,998
Dec. 12, 2019 6:30p
loading...
/zigman2/quotes/210597958/delayed
FR : France: Euronext Paris
5,884.26
+23.38 +0.40%
Volume: 91,512
Dec. 12, 2019 6:05p
loading...
/zigman2/quotes/210598409/delayed
UK : FTSE UK
7,273.47
+57.22 +0.79%
Volume: 705,152
Dec. 12, 2019 4:59p
loading...
/zigman2/quotes/210407078/delayed
US : U.S.: CBOT
$ 28,147.00
+228.00 +0.82%
Volume: 21,347
Dec. 12, 2019 3:33p
loading...
/zigman2/quotes/209948968/delayed
US : U.S.: CME
$ 3,172.25
+26.45 +0.84%
Volume: 815,100
Dec. 12, 2019 3:34p
loading...
/zigman2/quotes/210219788/delayed
US : U.S.: CME
$ 8,496.75
+91.25 +1.09%
Volume: 64,846
Dec. 12, 2019 3:34p
loading...
/zigman2/quotes/205332368/delayed
DE : Germany: Frankfurt
49.85
+0.42 +0.84%
Volume: 9,576
Dec. 12, 2019 8:58p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
N/A
Rev. per Employee
€560,333
loading...
/zigman2/quotes/204309985/delayed
DE : Germany: Frankfurt
179.20
+0.82 +0.46%
Volume: 4,546
Dec. 12, 2019 8:58p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
N/A
Rev. per Employee
€354,929
loading...
/zigman2/quotes/204309985/delayed
DE : Germany: Frankfurt
179.20
+0.82 +0.46%
Volume: 4,546
Dec. 12, 2019 8:58p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
N/A
Rev. per Employee
€354,929
loading...
/zigman2/quotes/202432319/delayed
XE : Germany: Xetra
74.81
+0.60 +0.81%
Volume: 1.56M
Dec. 12, 2019 6:30p
P/E Ratio
9.97
Dividend Yield
4.68%
Market Cap
€48.80 billion
Rev. per Employee
€723,779
loading...
/zigman2/quotes/209548467/delayed
DE : Germany: Frankfurt
74.65
+0.44 +0.59%
Volume: 3,788
Dec. 12, 2019 8:58p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
N/A
Rev. per Employee
€723,779
loading...
/zigman2/quotes/209088556/delayed
NL : Netherlands: Euronext Amsterdam
15.87
+0.64 +4.17%
Volume: 4.95M
Dec. 12, 2019 5:38p
loading...
/zigman2/quotes/203901799/delayed
UK : U.K.: London
576.50 p
+14.80 +2.63%
Volume: 21.40M
Dec. 12, 2019 4:35p
P/E Ratio
11.33
Dividend Yield
6.71%
Market Cap
£114.10 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/208272822/composite
US : U.S.: NYSE
$ 37.93
+0.77 +2.07%
Volume: 3.93M
Dec. 12, 2019 4:10p
P/E Ratio
11.67
Dividend Yield
6.71%
Market Cap
$150.90 billion
Rev. per Employee
$366,224
loading...
/zigman2/quotes/206753237/delayed
ES : Spain: Madrid
1.08
+0.05 +4.63%
Volume: 48.22M
Dec. 12, 2019 5:38p
P/E Ratio
6.97
Dividend Yield
2.24%
Market Cap
€5.74 billion
Rev. per Employee
€255,888
loading...
/zigman2/quotes/202859081/composite
US : U.S.: NYSE
$ 4.05
+0.16 +4.11%
Volume: 11.61M
Dec. 12, 2019 4:10p
P/E Ratio
8.60
Dividend Yield
6.26%
Market Cap
$64.60 billion
Rev. per Employee
$442,125
loading...
/zigman2/quotes/205677933/delayed
ES : Spain: Madrid
3.69
+0.13 +3.55%
Volume: 63.29M
Dec. 12, 2019 5:38p
P/E Ratio
8.95
Dividend Yield
5.05%
Market Cap
€59.14 billion
Rev. per Employee
€374,762
loading...
/zigman2/quotes/204078760/composite
US : U.S.: NYSE
$ 5.45
+0.21 +4.01%
Volume: 17.44M
Dec. 12, 2019 4:10p
P/E Ratio
6.88
Dividend Yield
4.31%
Market Cap
$34.86 billion
Rev. per Employee
$213,392
loading...
/zigman2/quotes/209653399/delayed
ES : Spain: Madrid
4.92
+0.16 +3.28%
Volume: 37.28M
Dec. 12, 2019 5:38p
P/E Ratio
7.00
Dividend Yield
4.28%
Market Cap
€31.69 billion
Rev. per Employee
€180,879
loading...
/zigman2/quotes/210597995/delayed
XX : Spain: Madrid
9,468.50
+76.00 +0.81%
Volume: 213.48M
Dec. 12, 2019 5:38p
loading...
/zigman2/quotes/200383650/delayed
UK : U.K.: London
2,467.00 p
-34.00 -1.36%
Volume: 695,706
Dec. 12, 2019 4:35p
P/E Ratio
24.34
Dividend Yield
1.95%
Market Cap
£9.09 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/205079109/delayed
UK : U.K.: London
60.66 p
+8.00 +15.19%
Volume: 143.90M
Dec. 12, 2019 4:35p
P/E Ratio
8.46
Dividend Yield
9.26%
Market Cap
£740.71 million
Rev. per Employee
N/A
loading...

Barbara Kollmeyer is an editor for MarketWatch in Madrid. Follow her on Twitter @bkollmeyer.

This Story has 0 Comments
Be the first to comment
More News In
Markets

Story Conversation

Commenting FAQs »

Partner Center

World News from MarketWatch

Link to MarketWatch's Slice.