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Europe Markets: European stocks lose ground on U.S.-China tensions

Europe Markets

(FILES) This file photo taken on March 12, 2020 shows the headquarters of the European Central Bank (ECB) in Frankfurt am Main, western Germany.

daniel roland/Agence France-Presse/Getty Images

European stocks on Thursday took a step back, as the world’s two largest economies continue to clash and ahead of the latest decision from the European Central Bank.

Up 5% over the last month, the Stoxx Europe 600

slipped 0.6%

Losses also were seen for the German DAX
French CAC 40

and U.K. FTSE 100

China, where the coronavirus originated, reported a 3.2% rise in gross domestic product in the second quarter, though it also reported a surprise decline in retail sales for June.

Meanwhile U.S.-China tensions continue to flare. The U.S. is weighing a sweeping travel ban on Chinese Communist Party officials, according to the New York Times. China recently imposed travel restrictions on U.S. lawmakers including Senators Ted Cruz and Marco Rubio.

The Shanghai Composite

tumbled 4.5%.

The European Central Bank isn’t expected to change interest rates or its quantitative easing program at Thursday’s meeting, so attention will focus on President Christine Lagarde’s press conference, which comes ahead of a European Union leaders meeting to discuss the proposed 750 billion euro recovery fund.

Of stocks on the move, Zalando

climbed as the Berlin online retailer raised its earnings guidance following a strong quarter.

GVC Holdings

fell after reporting a 22% decline in second-quarter net gaming revenue and announcing the retirement of its chief executive, Kenneth Alexander.


dropped as the brewer reported a 13% drop in volumes during the first half, sending its adjusted profit down by 76%.

Dow futures

fell 152 points. On Wednesday, the S&P 500

rose 0.9% while the Nasdaq Composite

added 0.6%.

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