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European stocks dip on escalation of trade war

European stocks slid in morning deals on Monday as concerns over a trade war between the two largest world economies kept traders cautious.

Photo: Reuters

The pan-European STOXX 600 index fell 0.3 percent following declines in the Asia-Pacific region after U.S. and China expanded trade war by imposing tariffs on imports.

Britain's FTSE 100 was virtually unchanged, while Germany's DAX pulled back 0.5 percent.

Shares in Nexans dropped 18.2 percent after the France-based cable manufacturer downgraded its forecast for profits for the full year.

Shares of Engie tumbled 2.2 percent as company predicted an impact of 250 million euros on its 2018 core and net profit.

Shares in Virgin Money gained 1.6 percent after CYBG has agreed to buy its rival for £1.7bn, creating the UK’s sixth-biggest bank.

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