European stocks slipped on Friday with autos and basic leading the decline amid growing concerns that U.S. tariffs on imports from China could trigger trade war.
The pan-regional STOXX 600 benchmark index slumped 1.5% to 363.63, losing 3.7% for the week.
Frankfurt’s DAX 30 index fell 1.8% to 11,877.68, on track for a 4.1% weekly decline. France’s CAC 40 index dipped 2% to 5,066.67, while the UK’s FTSE 100 index sank 1% to 6,884.99.
U.S. President Trump on Thursday ordered the U.S. trade representative to impose tariffs on about $50 billion worth of Chinese imports. The stock markets will be hit by strengthening fears of the world trade war, JPMorgan said.
Citi cut outlook for the European auto industry and industrial companies, but raised forecast for the oil and gas industry.
Total SA and BP Plc were down 0.8-0.9%, despite rise in oil prices.