European stocks close sharply lower on trade concerns; Royal Mail plunges to record low 

The pan-European Stoxx 600 shut provisionally down by 1.4% with almost every field in the red. All major bourses were in negative territory, with Britain’s FTSE 100 down 1.4 %, while Germany’s DAX and France’s CAC both fell around 1.8 %.

Autos were among the worst-performing sectors in Europe, down by almost 3%. German carmaker Daimler was the biggest loser in the sector, down almost 7%. The U .S . has claimed it will enforce trading constraints on Chinese telecoms giant Huawei from August 19. Of the $70 billion Huawei invested purchasing equipment in 2018, some $11 billion went to U.S. firms including Qualcomm, Intel, and Micron Technology.

In corporate news, Deutsche Bank stakeholders gathered Thursday for their annual general meeting, with queries over the bank’s approach as well as leadership. Deutsche has been the source of much negative publicity in recent times — from settlements with the U.S. Department of Justice to weak profits. Shares fell over 2 %.

Looking at other individual stocks, Royal Mail tanked to the bottom of the Stoxx 600 and hit a record low. Reuters cited one trader as saying there was a legitimate fear the privatized U.K. postal service might be renationalized, amid the turmoil surrounding Prime Minister Theresa May’s government. The share was down nearly 11%.

stocks dropped on the back of U.S.-China trade jitters. The Dow Jones Industrial Average fell over 300 points, while the S&P 500 and Nasdaq indexes were also in negative territory.

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