Economic news

European stocks dip as trade concerns hit tech sector

European stocks edged lower on Wednesday as concerns over global trade war weighed on markets, with tech sector leading decline after a China's court banned U.S.-based Micron Technology Inc. chip sales.

Photo: Reuters

The pan-European STOXX 600 index was down 0.2% at 379.23.

France's CAC 40 lost 0.2% at 5,307.63 and Germany's DAX was 0.2% lower at 12,323.66. Britain's FTSE 100 declined 0.4% to 7,561.88.

Trading has been volatile ahead of a July 6 deadline when the U.S. is going to impose tariffs on $34 billion worth of products from China.

Europe’s tech stocks dropped 0.5%. Shares in Chipmaker STMicro slid 2.8% and Infineon slumped 7%. Silicon wafer-maker Siltronic slumped 5.8%.

Elsewhere, shares of Danske Bank led decline, losing 3 percent after it was reported that the amount of operations may have been used to launder was more than double that previously estimated, at $8.3 billion.


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