(RTTNews) – European stocks were broadly lower on Wednesday after it emerged that the United States will keep billions of dollars of tariffs on Chinese goods in place until after the 2020 election.
A preliminary deal is expected to be signed between the U.S. and China later today, but any move to reduce the tariffs will hinge on Beijing’s compliance with the terms of a phase-one trade accord.
The pan European Stoxx 600 was marginally lower at 419.37 after gaining 0.3 percent in the previous session.
The German DAX slipped 0.2 percent and France’s CAC 40 index dipped 0.1 percent, while the U.K.’s FTSE 100 edged up 0.1 percent.
The British pound held its losses after Bank of England policymaker Michael Saunders said it would be appropriate to maintain an expansionary monetary policy stance and possibly to cut rates further to reduce the risks of a sustained undershoot of the inflation target.
UBS was moving lower on a Bloomberg report that it has cut as much as 20 percent of the workforce in some European teams and is reducing management layers in Asia.
Fraport AG shares fell 3.2 percent. The owner and operator of Germany’s Frankfurt Airport reported that the FRA’s passenger traffic in the month of December 2019 declined 1.2 percent year-on-year to 4.9 million passengers.
Tullow Oil soared 4 percent. The company announced that its fiscal 2019 group working interest oil production averaged 86,700 bopd, in line with expectations.
Hochschild Mining rallied 3.5 percent after delivering a solid quarter of attributable production principally due to a better than expected performance from the Inmaculada mine.
Provident Financial shares jumped 6.5 percent. The sub-prime lender said it has continued to perform well in the final quarter and expect to report full-year results in line with market expectations.
Persimmon rose 2 percent. The housebuilder anticipates fiscal year pre-tax profits to be in line with market consensus.
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