European shares are subdued Monday, as they opened lower following news US President Trump is planning further tariffs on Chinese goods imported into the country. Some upbeat results helped negate the falls and indices are currently little changed.
By 1345 BST, the EUROSTOXX 600 was flat, while the EUROSTOXX 50 had edged down 0.10%. Regional bourses were also mixed. The German DAX was off 0.44%, the French CAC fell 0.13%, but the Spanish IBEX moved 0.41% into the green.
US-China trade concerns remain
European indices opened broadly lower, as sentiment was likely hurt by news Trump could be set to announce new import tariffs on more Chinese goods.
Reports suggested that up to $200 billion worth of goods could be subject to tariffs of between 10%-25%. In addition, China could snub planned fresh trade talks if the US goes ahead with yet another round of tariffs.
The trade disagreement between the US and China has ben ongoing for some months now and has weighed on global markets. Fears remain that a global trade war could ensue, making it far more expensive for exporters to sell their goods overseas and making goods more expensive for consumers.
Results help buoy stocks
Aside from the trade related worries, some upbeat results have helped keep the European markets from losing too much ground.
H&M shares gained 16.40% to trade at SEK143.36, after reporting a 9% increase in its third-quarter sales. The fashion retailer said its online transformation and new logistics system were proving beneficial.
Elsewhere, Credit Suisse shares initially lost ground in the wake of a report from Swiss financial regulator FINMA. The report said Credit Suisse had been deficient in its anti-money laundering controls in two specific instances.
After falling when the report was published, Credit Suisse shares are now a little in the green, up 0.04% at CHF14.48.