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Europe: Prospect of new wave of tariffs dents stocks

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[LONDON] News of a potential fresh round of tariffs from the US on Chinese imports dented European shares on Monday, with trade-sensitive autos and mining stocks the worst performing, while encouraging results propelled H&M shares up.

The pan-European STOXX 600 was down 0.2 per cent by 0720 GMT, while Germany's DAX, home to large exporters and carmakers, slid 0.6 per cent after reports Mr Trump would likely announce new tariffs on about US$200 billion on Chinese imports on Monday.

As the newest blow in an ongoing trade war sapped risk appetite, autos tumbled 0.9 per cent and miners fell 0.6 per cent.

Several stocks shone, however, after results.

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Forecast-beating sales from H&M sent the shares jumping up 8.7 per cent to the top of the STOXX, an encouraging result for the world's second-biggest fashion retailer whose shares are down 43 per cent from their level a year ago.

Belgian biotech firm Argenx gained 7.6 per cent after it reported positive results from a trial of its Efgartigimod drug for primary immune thrombocytopenia.

Casino shares rose 2.6 per cent after the French supermarket's parent Rallye, through which Jean-Charles Naouri exercises control of the firm, got a new US500 million euro credit facility.

REUTERS