TELETRADER News
5/20, 1:54 PM (Source: TeleTrader)
more TeleTrader news

European stocks sink further on Huawei worries

Markets in Europe dropped sharply on Monday, extending losses from earlier in the session, as technology stocks plunged on worries tech companies will stop doing business with Huawei after the Chinese firm was placed on the United States trade blacklist. Tensions between the US and Iran also affected the stocks after US President Donald Trump threatened to cause "the end of Iran" if Tehran "wants to fight."

The DAX slid 1.43% at 1:44 pm CET with Infineon diving 4.5% at the same time after the chipmaker announced it will halt its shipments to Huawei.

The CAC 40 sank 1.48% at 1:45 pm CET with semiconductor maker STMicroelectronics plummeting 8.28% at 1:38 pm CET as reports emerged the company is planning to hold meetings to decide if it will continue cooperating with Huawei.

The FTSE 100 fell 0.91% at 1:47 pm CET. Taylor Wimpey, whose stock lost 3.97%, was the worst performer on the index.

Breaking the News / NP