European shares step back, Trump's China response awaited
Reuters
Published May 29, 2020 03:38AM ET
(Reuters) - European shares pulled back on Friday as market participants turned their focus to Washington's response to the Chinese parliament's approval of a national security law for Hong Kong, but major indexes were on course to finish May with solid gains.
The pan-European STOXX 600 index (STOXX) fell 0.9% by 0709 GMT, with U.S. President Donald Trump due to announce his policy moves that could escalate tensions between Washington and Beijing.
Automobiles and parts makers (SXAP) led declines with a 2.5% drop, while travel & leisure (SXTP) and banks (SX7P) fell more than 2% each.
Still, hopes of a global economic recovery as policymakers unleashed stimulus programmes and several countries emerged from lockdowns put the STOXX 600 on course for a 3.6% monthly gain.
Hugo Boss AG (DE:BOSSn) fell 4.4% after Jefferies (NYSE:JEF) downgraded the stock to "hold", while Renault SA (PA:RENA) slid 4.5% on news that it was launching talks with unions to restructure several French car plants and confirmed plans to cut around 15,000 jobs worldwide.
Coffee maker JDE Peet's (AS:JDEP), one of the few big companies to go public during the coronavirus crisis, jumped 11.3% at the start of trading on Euronext in Amsterdam.
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Written By: Reuters
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