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European stock markets recovered yesterday but concerns about the Huawei row and broader China-US trade war kept investors on edge. The pound, meanwhile, tumbled on lingering Brexit turmoil, before bouncing back. Against sterling, the European single currencEuropean stocks recover, pound falters
European stock markets recovered yesterday but concerns about the Huawei row and broader China-US trade war kept investors on edge. The pound, meanwhile, tumbled on lingering Brexit turmoil, before bouncing back. Against sterling, the European single currency reached a three-month high at 87.89 pence. The pound also hit a four-month low at $1.2685. European shares had fallen heavily Monday, as did New York’s tech-rich Nasdaq, after Google said it was beginning to sever ties with Chinese telecoms giant Huawei, days after US President Donald Trump’s decision to bar it from the US market. The Huawei development – with the US citing national security concerns – has muddied the waters in the tariffs stand-off between Washington and Beijing, which was thought to have been close to conclusion at the start of the month. Some observers are now warning that stalled talks between the economic superpowers might not see any progress before a hoped-for meeting between Mr Trump and Chinese counterpart Xi Jinping at the G20 summit in June. “The market was a little optimistic that a trade deal would just get done here this month,” Brett Ewing, chief market strategist at First Franklin Financial... Read more
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