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European shares dip as trade-fueled rally loses steam

European shares dip as trade-fueled rally loses steam
FILE PHOTO: Traders work at Frankfurt's stock exchange in Frankfurt, Germany March 14, 2019. REUTERS/Ralph Orlowski/File Photo -
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Ralph Orlowski(Reuters)
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(Reuters) – European shares opened lower on Friday, halting a week-long rally after mixed signals on U.S.-China trade left investors uncertain on whether the two sides are really getting close to signing a deal.

The pan-European STOXX 600 index <.STOXX> fell 0.4% at 0807 GMT, but was still set to end its fifth straight week in the black.

Tariff-hit miners <.SXPP>, among the most exposed to the trade conflict and its implications for global growth, led losses with a 1.3% fall. Defensive plays including telecoms <.SXKP> and utilities <.SX6P> eked out small gains.

Global equity markets cheered news on Thursday that the United States and China had agreed to roll back tariffs on each others’ goods in a “phase one” trade deal.

Hopes were dampened, however, after Reuters reported that the plan faced internal opposition in the White House.

(Reporting by Shreyashi Sanyal in Bengaluru; editing by Patrick Graham)

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