June 25, 2018 / 7:36 AM / 6 months ago

Europe's banks, autos stocks sink as trade dispute deepens

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LONDON, June 25 (Reuters) - The latest episode in a trade dispute between the United States and other major economies sent European shares further into a funk on Monday with benchmarks down 0.7 to 1.4 percent.

A report that U.S. President Donald Trump plans to bar many Chinese companies from investing in U.S. technology firms and block more tech exports to Beijing hit Asian stocks overnight and dented early European trading.

Europe’s tech sector fell 0.9 percent on the news.

More disrupted by trade war worries was the autos sector , a key target for Trump who said on Friday he aimed to hike tariffs on EU car imports by 20 percent. It fell 1.4 percent, set for its seventh straight day of losses.

The pan-European STOXX 600 declined 0.7 percent while Germany’s exporter- and autos-heavy index fell 0.9 percent.

Bank stocks were the worst-performing, with Commerzbank and Deutsche Bank bottom of the DAX while HSBC, Santander and UBS were among the biggest fallers Europe-wide.

Italian cable maker Prysmian fell 4.7 percent, the biggest loser on the STOXX, at the open after it cut its guidance due to additional expected costs related to issues with its UK WesternLink undersea cable project.

Danish medical equipment maker Ambu jumped 6.5 percent to the top of the STOXX after JP Morgan started coverage of it with an “overweight” rating.

Telenet also gained 5 percent after starting a 300 million euro share buyback programme.

IWG rose 5.2 percent after confirming it received a possible cash offer from private equity firm Terra Firma and is evaluating it.

In small-cap UK stocks, Britain’s biggest real estate firm Countrywide sank 25 percent after a profit warning, the latest in a host of UK companies to signal results would be hit by adverse economic conditions. (Reporting by Helen Reid Editing by Alison Williams)

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