Bulletin
Investor Alert

New York Markets Open in:

Europe Markets Archives | Email alerts

April 3, 2018, 12:20 p.m. EDT

European stocks slump, as tech follows U.S. lead

Worries about global trade war, tech weakness persist into second quarter

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 Carla Mozee, MarketWatch


AFP/Getty Images
An Air France plane at Paris Roissy airport. The airline and other French businesses are facing strikes.

European stocks finished lower Tuesday, beginning the second quarter of 2018 dogged by the same technology-sector and trade-war worries that hurt equity markets during the first quarter.

The moves tracked a Monday selloff in U.S. stocks, when European markets were closed for the Easter break. But Wall Street’s major indexes were showing signs of recovery Tuesday after the rough start to the month’s trading.

How markets moved

European equity markets restarted trading after closures for the Good Friday and Easter Monday holidays.

The Stoxx Europe 600 index /zigman2/quotes/210599654/delayed XX:SXXP -1.35% fell Tuesday by 0.5% to end at 367.07, led by losses for the industrial sector. The oil and gas sector latched on to a modest gain. On Thursday, pan-European index rose 0.4%, but finished first-quarter trade down by 4.7%. That was worst such performance since the first quarter of 2016, according to FactSet data.

Germany’s DAX 30 /zigman2/quotes/210597999/delayed DX:DAX -1.15% closed down 0.8% at 12,002.45. France’s CAC 40 index /zigman2/quotes/210597958/delayed FR:PX1 -1.81% ended lower by 0.3% at 5,152.12.

Spain’s IBEX 35 /zigman2/quotes/210597995/delayed XX:IBEX -1.80%  gave up 0.4% to close at 9,559.40, and the U.K.’s FTSE 100 index /zigman2/quotes/210598409/delayed UK:UKX -1.79% fell 0.4% to end at 7,030.46.

The euro /zigman2/quotes/210561242/realtime/sampled EURUSD +0.0169% traded at $1.2274, down from $1.2303 late Monday in New York.

See: Brace for more ‘poor’ action by U.K. stocks, says world’s largest asset manager

Also check out: Brexit countdown: Here’s how U.K. assets have fared since the vote to leave the EU

What drove markets

European tech stocks were among the worst performers Tuesday, driving the Stoxx Europe 600 Technology Index /zigman2/quotes/210599534/delayed XX:SX8P -1.57%  down by 0.8%, as traders returned from their holiday break to a selloff in U.S. stocks Monday. That was led by a fall for the tech sector, which has been under considerable pressure in recent weeks.

U.S. stocks showed signs of recovery during Tuesday’s session after the tech-focused Nasdaq Composite Index /zigman2/quotes/210598365/realtime COMP +0.27%  was pushed into negative territory for the year on Monday. Amazon Inc. /zigman2/quotes/210331248/composite AMZN -0.04%  was in focus after U.S. President Donald Trump took aim at the online retail giant.

Read: Trump’s attacks on Amazon break with history of presidents keeping hands off

Concerns about a trade war were still lingering as well, after China said it would slap tariffs on about 130 U.S. goods. China had warned it may issue levies in retaliation against the Trump administration’s tariffs on Chinese imports. Trade-war worries contributed to losses for equity markets world-wide last month. The Stoxx Europe 600 closed March trade down by 2.3%.

/zigman2/quotes/210599654/delayed
XX : STOXX
367.49
-5.04 -1.35%
Volume: 0.00
Aug. 14, 2020 1:20p
loading...
/zigman2/quotes/210597999/delayed
DAX
DX : Xetra Indices
12,844.38
-149.33 -1.15%
Volume: 26,522
Aug. 14, 2020 1:20p
loading...
/zigman2/quotes/210597958/delayed
FR : France: Euronext Paris
4,951.06
-91.32 -1.81%
Volume: 26,687
Aug. 14, 2020 1:20p
loading...
/zigman2/quotes/210597995/delayed
XX : Spain: Madrid
7,119.90
-130.60 -1.80%
Volume: 92.87M
Aug. 14, 2020 1:19p
loading...
/zigman2/quotes/210598409/delayed
UK : FTSE UK
6,074.96
-110.66 -1.79%
Volume: 211,651
Aug. 14, 2020 12:20p
loading...
/zigman2/quotes/210561242/realtime/sampled
US : Tullett Prebon
1.1816
+0.0002 +0.0169%
Volume: 0.0000
Aug. 14, 2020 7:35a
loading...
/zigman2/quotes/210599534/delayed
XX : STOXX
572.88
-9.11 -1.57%
Volume: 0.00
Aug. 14, 2020 1:20p
loading...
/zigman2/quotes/210598365/realtime
US : U.S.: Nasdaq
11,042.50
+30.27 +0.27%
Volume: 3.09M
Aug. 13, 2020 5:16p
loading...
/zigman2/quotes/210331248/composite
US : U.S.: Nasdaq
$ 3,161.02
-1.22 -0.04%
Volume: 3.15M
Aug. 13, 2020 4:00p
P/E Ratio
121.50
Dividend Yield
N/A
Market Cap
$1583.93 billion
Rev. per Employee
$359,671
loading...
1 2
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.