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Prospect of new wave of tariffs dents European stocks

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Prospect of new wave of tariffs dents European stocks
A trader reacts at the stock exchange in Frankfurt, Germany, June 24, 2016. REUTERS/Ralph Orlowski   -   Copyright  Ralph Orlowski(Reuters)
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LONDON (Reuters) – News of a potential fresh round of tariffs from the U.S. on Chinese imports dented European shares on Monday, with trade-sensitive autos and mining stocks the worst performing, while encouraging results propelled H&M shares up.

The pan-European STOXX 600 was down 0.2 percent by 0720 GMT, while Germany’s DAX, home to large exporters and carmakers, slid 0.6 percent after reports Trump would likely announce new tariffs on about $200 billion on Chinese imports on Monday.

As the newest blow in an ongoing trade war sapped risk appetite, autos <.SXAP> tumbled 0.9 percent and miners <.SXPP> fell 0.6 percent.

Several stocks shone, however, after results.

Forecast-beating sales from H&M <HMb.ST> sent the shares jumping up 8.7 percent to the top of the STOXX, an encouraging result for the world’s second-biggest fashion retailer whose shares are down 43 percent from their level a year ago.

Belgian biotech firm Argenx <ARGX.BR> gained 7.6 percent after it reported positive results from a trial of its Efgartigimod drug for primary immune thrombocytopenia.

Casino <CASP.PA> shares rose 2.6 percent after the French supermarket’s parent Rallye, through which Jean-Charles Naouri exercises control of the firm, got a new 500 million euro credit facility.

Rallye <GENC.PA> shares rose 5.5 percent.

Credit Suisse <CSGN.S> shares fell 0.8 percent after Swiss regulator Finma said the lender had failed in its duty to combat corruption in cases linked to FIFA and Venezuelan and Brazilian state oil companies.

The stock was likely supported by an interview with CEO Tidjane Thiam in Swiss newspaper NZZ am Sonntag, in which he said Credit Suisse was aiming for an annual profit of 5 to 6 billion francs for the next two years.

And on the M&A front, reinsurer Scor <SCOR.PA> rose 1.1 percent after sources told Reuters unlisted French cooperative insurer Covea was working on a new approach for Scor after its friendly 8.2 billion euro offer was rejected last month.

(Reporting by Helen Reid)

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