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The yesterday's " no news is good news " has given way to the " trade news is bad new s", the new escalation in tensions between the United States and China ending a series of six sessions in a row. The Trump administration has just drawn up a list of $ 200 billion worth of Chinese products that will be subject to a 10% tariff starting in September. This list comes on top of the $ 34 billion hit at a rate of 25%, on a $ 50 billion tranche of Chinese imports announced last Friday.
The US president also attacked Germany this morning. On the sidelines of the NATO summit in Brussels, Donald Trump declared that Berlin was a prisoner of Russia for its support for a pipeline project through northern Germany. He also criticized Angela Merkel for not contributing enough to European defense spending.
At 12:25 pm, Cac 40 fell by 1.19% to 5,369.84 points in a volume of business 950 million euros. Elsewhere in Europe, the Footsie London loses 1.22% and the Dax of the Frankfurt Stock Exchange 1.33%. The contract future September on index Dow Jones down 200 points (-0.80%).
All industries affected
At European level, 19 sector indices Stoxx 600 are in the red, starting with those of core resources (-3.2%), oil-gas (-2%) and automotive (-1.9%). As the second quarter results season approaches, business activity points are monitored like milk on fire. This is particularly the case of the British Burberry who disappointed in maintaining its current exchange rate forecasts, which weighs on all the values of luxury. Bénéteau fall of more than 10% after announcing a rise of only 1.7% of its turnover at constant exchange rate for the third quarter of its fiscal year. The yacht specialist is now targeting growth of 7% to 8% over the entire 2017-2018, against a range of 8% to 10% previously.
In terms of recommendations badysts, Goldman Sachs has raised its opinion on Lagardère from "neutral" to "purchase" to target 28.90 euros, against 27.70 previously. Kepler Cheuvreux went from "keeping to" buying "on Spie . In contrast, Barclays lowered its price target on Carrefour from 17.30 euros to 15.60.
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