European stocks lower ahead of Bank of England meeting

Business


The pan-European Stoxx 600 was down by 0.5 percent with almost every sector in the red. Basic resources dropped 2 percent in early deals and auto stocks fell as much as 1.3 percent on the back of trade concerns. Overnight, President Donald Trump’s administration sought to push China harder on trade by suggesting that it could increase import taxes to 25 percent on $200 billion-worth of goods.

Looking across the European index, Amundi led the gains up by 4 percent, after reporting second-quarter profits. The London Stock Exchange also rose 1.8 percent after reporting its latest results. The group said that it has activated contingency plans in case the U.K. leaves Europe next year without any deal.

Siemens shares fell 3.3 percent with the industrial firm missing estimates for its quarterly revenue.

In other earnings news, French lender Societe Generale published its second-quarter results showing a 9.3 percent increase in net income from a year ago. Shares were marginally lower.



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