European stocks come closer to close weekly losses



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DirectEuropean stock indexes fell at the end of the negotiations on Friday, along with trade and political tensions, recording strong weekly losses.

Automotive and basic resources led to losses in Europe, down more than 2.5%.

Bank shares also fell about 1.9% as a result of the political turmoil in Italy.

Italian Deputy Prime Minister Matteo Salvini said yesterday that there was no way to rectify the differences within the ruling coalition in Italy, calling for swift elections.

On trade tensions, US President Donald Trump said that the US was not ready for a trade deal with China and that Washington would sever relations with Huawei.

Press reports announced yesterday that the White House had decided to postpone the licensing of US companies authorizing the sale of products to the company "Huawei".

On the economic front, the UK economy contracted in the second quarter for the first time since 2012, and German exports fell to a three-year low.

At closing, the STOXX 600 lost 37% to 371.5 points, recording a weekly loss of 1.7%.

The French "CAC" index fell 1.1% to 5,327.9 points, down about 0.6% this week.

The British FTSE shed 0.4% to 7 253.8 points, recording a weekly loss of about 2.1%.

The German DAX fell 1.3% to 11,693.8 points, recording a weekly loss of 1.5%.

At 16:10 GMT, the euro appreciated by 0.3% against the dollar, to stand at 1.1218 USD.

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