Economic news

European shares wobble, ignoring trade tariff tensions

A two-day rebound in European stocks lost momentum on Tuesday as the deepened tensions in U.S.-China trade negotiations and political turmoil in Italy kept investors anxious.

Photo: Reuters

The pan-European STOXX 600 index rose 0.2% to 388.83.

Frankfurt’s DAX 30 index jumped 0.7% to 12,842.94, and France’s CAC 40 index ticked up 0.4% to 5,494.88. Britain's

FTSE 100 dropped 0.5% to 7,704.56, under more pressure as sterling surged after the strong UK’s services data.

Shares in RBS fell 3.6% after the British government sold 7.7% stake in RBS worth almost £2.6bn.

Growth in Britain's crucial services sector was faster than predicted in May. The purchasing managers' index from IHS Markit/CIPS scaled a three-month peak of 54.0, up from 52.8 in April.

IHS Markit's Final Composite Purchasing Managers' Index, which is an indicator of euro area growth, dropped to an 18-month trough of 54.1 in May from April 's 55.1.

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