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6/19/2018, 9:02 AM (Source: TeleTrader)
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Europe starts lower as US-China trade tensions escalate

Markets in Europe opened lower on Tuesday as trade tensions between the United States and China continued to worry investors. US President Donald Trump threatened to impose tariffs on another $200 billion worth of Chinese goods if Beijing increases tariffs "yet again" and China warned it will react if Washington takes new measures. Last week, Trump announced a 25% tariff on $50 billion worth of Chinese imports which was met with an immediate response from China as Beijing said it will hit 545 American products with an equivalent tariff.

The FTSE 100 declined 0.48% at 9:00 am CET. The mining sector suffered the largest losses as Anglo American and Glencore fell over 3% and Rio Tinto, Antofagasta and BHP Billiton were down over 2%.

The DAX slid 1.45% at 9:03 am CET. Volkswagen led the losses as the carmaker's shares sank 2.68% at 9:04 am CET on news Audi CEO Rupert Stadler was arrested in connection to Volkswagen's emissions scandal.

The CAC 40 dropped 1.19% at 9:01 am CET. The worst performer was ArcelorMittal with its shares tumbling 3.71% at 9:03 am CET.

The euro was down 0.39% against the dollar to go for 1.1578 at 9:03 am CET.

Baha Breaking News (BBN) / NP