European Shares Extend Losses On Growth Worries

(RTTNews) - European shares traded lower on Friday, extending steep losses from the previous session after U.S. President Donald Trump announced significantly harsher-than-expected tariffs.

Investors were also reacting to mixed economic readings from Germany and France.

German factory orders stagnated unexpectedly in February even though U.S. importers brought forward imports to beat the impending tariffs, Destaits reported today.

New orders in the manufacturing sector remained unchanged in February, reversing a 5.5 percent drop in January. Orders were forecast to grow 3.4 percent.

Elsewhere, French industrial production grew 0.7 percent month-on-month in February, in contrast to the 0.5 percent decrease in January, figures from the statistical office INSEE showed. Economists had forecast output to grow 0.5 percent.

Likewise, manufacturing output advanced 1.4 percent after a 0.5 percent drop in the previous month.

The pan European STOXX 600 was down nearly 2 percent at 512.84 after tumbling 2.6 percent on Thursday, the biggest daily loss in eight months.

The German DAX fell 1.9 percent, France's CAC 40 shed 1.5 percent and the U.K.'s FTSE 100 declined 1.6 percent.

Miners Anglo American, Antofagasta and Glencore plunged 5-6 percent as copper prices plummeted in London.

BP Plc shares fell 2.8 percent and Shell was down nearly 3 percent as oil prices fell nearly 2 percent today and remained on track for the worst week in months on concerns about a possible recession in the U.S. and other developed countries.

JPMorgan has raised the probability of a global recession this year to 60 percent, from a previous 40 percent.

AstraZeneca declined 1.3 percent, ASM International tumbled 3.5 percent and Infineon Technologies slumped 4.5 percent as U.S. President Trump said tariffs on pharmaceutical and semiconductor imports will be announced soon.

Sodexo SA plunged 4.2 percent after reporting a 3.5 percent rise in half-year revenue.

Gerresheimer plummeted 14 percent after reports said KKR has abandoned a private equity consortium discussing a takeover of the German speciality packaging company.