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European stocks in red amid global selloff

By Jeff Davies

Markets in Europe traded deeply in the red on Wednesday following yesterday’s selloff on Wall Street prompted by fresh fears the United States and China will not manage to resolve trade tensions despite agreeing to halt the ongoing trade war for 90 days and focus on securing an agreement.

US President Donald Trump hinted on Tuesday that the talks could be “extended” and his economic adviser Larry Kudlow warned there are “no assurances” China will change its trade practices. Meanwhile, Beijing blasted Washington for publicly speaking about concessions China agreed to make. Investors also awaited Italy’s new 2019 draft budget which may be presented today.

The FTSE 100 dropped 1.22% at 8:16 am GMT as Hargreaves Lansdown led the losses, tumbling 4.98% at 8:13 am GMT. The DAX slid 1.25% at 8:16 am GMT with Wirecard, whose shares sank 3.36% at 8:23 am GMT, as the worst performer. The CAC 40 fell 1.33% at 8:17 am GMT as TechnipFMC and Saint Gobain pulled the index down as their stock dropped 2.71% and 2.70%, respectively, at 8:14 am GMT. The Euro Stoxx 50 declined 1.33% at 8:26 am GMT with SAP losing 2.07%.

The euro was down 0.10% against the dollar to sell for 1.1327 at 8:25 am GMT.

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