European stock markets fall after China trade warning

16:17 • 15.08.19
Economy

Markets in Europe fell on Thursday after a warning from China that it would take fresh countermeasures against US tariffs, BBC News reported.

The sell-off follows a turbulent day on US and Asian stock exchanges, fuelled by investor fear of a global recession.

The FTSE 250, seen as a good gauge of the UK economy, fell 0.9% after closing down 1.5% the previous day.

Weak data from Germany and grim signs in bond markets had also spooked investors.

As a result, the three main US stock markets closed 3% lower overnight and European stocks fell across the board, while the Nikkei closed 1.2% lower.

On Thursday morning, most European markets stabilised somewhat, but then fell sharply after China's Ministry of Finance said the US intent to impose fresh tariffs violates a consensus between Presidents Trump and Xi.

It said that China will "have to take necessary countermeasures" against US tariffs.

Earlier this month US President Donald Trump delayed imposing tariffs on some imports from China until 15 December in part to avoid hitting US shoppers this Christmas.

The products included mobile phones, laptops, video game consoles, some toys, computer monitors, and certain footwear and clothing.

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