Stock markets fall as trade fears resurface and Germany narrowly avoids recession
FTSE and European indexes down but Walmart’s strong performance helps Dow stay flat
Stock markets have dipped as concerns over trade wars resurface.
London’s slightly slipped by 0.1 per cent this morning as a number of the biggest firms on the index, including include Sainsbury's, and drug maker went ex-dividend.
However, luxury brand Burberry surged 7 per cent as designer Riccardo Tisci’s collections boosted quarterly sales. The index closed at 7292.76, off 58.45 (0.80 per cent).
Data from the UK’s Office for National Statistics showed that British consumers cut back on shopping in October, adding to signs of weak overall economic growth.
In the US the was roughly flat as declines in shares of weighed against gains in , which reported its third-quarter revenues of nearly $128bn (£99bn) and adjusted earnings that beat estimates.
The S&P 500 was also little changed after posting a record closing high on Wednesday November 13.
European shares also fell. This morning the pan-European STOXX 600 index slipped 0.1 per cent, with German shares dropping 0.2 per cent. It closed at 404.42, down 0.35 per cent.
European Central Bank vice president Luis De Guindos said that Europe faced only a “very low” risk of recession, but called on all eurozone governments to help revive the bloc’s economy, after data showed Germany (Europe’s largest economy) narrowly avoiding a recession in the third quarter as growth grew by 0.1 per cent.
This has put it below the UK, the US and France in the global growth league. Japan is also struggling, with growth dropping to just 0.1 per cent.
In Asia, the index dropped 0.8 per cent in afternoon trading, while Japan's Nikkei 225 index lost 0.7 per cent. The Shanghai Composite added 0.3 per cent.
The is slightly up against the euro this afternoon at about the 1.16 mark (+0.1028 per cent) while it is up against the dollar too at about 1.28 (+0.0988 per cent).