7/20/2018, 5:31 PM (Source: TeleTrader)
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Europe closes in red amid US car tariffs concerns

Equities on major European stock markets finished the trading day on Friday with losses, amid concerns over the possibility of car tariffs on European cars introduced by the United States. German Association of Automotive Industry said earlier that additional tariffs would put jobs in the United States at risk. German Chancellor Angela Merkel stated that tariffs on European cars would violate World Trade Organization (WTO) rules, and added that countermeasures are being prepared for that scenario. Investors are also following developments in the Washington-Beijng trade dialogue. Meanwhile, European Union's chief Brexit negotiator, Michel Barnier, endorsed the United Kingdom's white paper on the withdrawal from the bloc.

The DAX was down 0.89% at the closing bell. ThyssenKrupp led the losses with a 3.06% drop, followed by automakers Daimler and Volkswagen who lost 2.35% and 2.26%, respectively.

The FTSE 100 ended today's session slightly below the flatline, sliding 0.06%. Business services group Rentokil Initial was down 2.02%.

The CAC 40 fell 0.25%. Automotive supplier Valeo lost 3.29%, followed by Peugeot's drop of 2.27%.

The euro gained 0.54% against the US currency, to go for 1.1704 at 5:34 pm CET, while the pound jumped 0.70% compared to the American dollar to change hands for 1.3105.

Breaking the News / NI