European Stocks Fall as Telecom to Automakers Drop on China Woes
(Bloomberg) -- European equities retreated at the open as automakers to telecoms fell after renewed concerns about U.S.-China tensions spooked investors.
The Stoxx Europe 600 Index dropped 0.2 percent. Vodafone Group Plc slumped 1.4 percent.
Investors are worried about renewed U.S.-China tensions impacting trade talks after China on Friday demanded the U.S. Justice Department withdraw charges that allege Chinese officials coordinated a decade-long espionage campaign to steal intellectual property and other data from dozens of companies.
European stocks saw their fourth biggest ever outflow of $5.4 billion in the week through Dec. 19, bringing the year-to-date exit to a whopping $72.8 billion, Bank of America Merrill Lynch said in a note.
“Geopolitical tensions rose on news of the U.S. accusing Chinese intelligence agents of cyber-espionage,” said Accendo Markets analysts Mike van Dulken and Artjom Hatsaturjants.
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