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Trade war worries, tech weakness weigh on European stocks

European shares fell on Tuesday as traders remained cautious in the beginning of the second quarter amid rising trade tensions and extended pressure on tech sector.

Photo: Reuters

The pan-European STOXX 600 tumbled 0.9% to 367.69.

Frankfurt’s DAX 30 dipped 1.4% to 11,930.45 and Paris CAC 40 index sank 0.8% to 5,128.36. Spain’s IBEX 35 slipped 0.7% to 9,529.00, and the U.K.’s FTSE 100 index lost 0.8% to 7,002.53.

Investors continued to assess the prospects for the beginning of a full-scale trade war between the U.S. and China. Last weekend, the Chinese authorities imposed reciprocal duties on the import of a number of U.S. goods, and many analysts fear that the tension would rise.

IHS Markit’s final manufacturing Purchasing Managers’ Index (PMI) for the euro area slipped to an eight-month trough of 56.6 in March from 58.6 in the previous month.

Sky Plc shares rose 0.8% on news that U.S.-based 21st Century Fox Inc. has assumed new measures to convince British regulators to support the purchase of 61% stake in the company for 11.7 billion pounds ($16.5 billion).

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