Oct 14 (Reuters) — European stocks dipped on Tuesday on renewed worries about a U.S.-China trade war and as Michelin’s shares slid to a more than two-year low after the French tyre maker cut its annual forecast.
The pan-European STOXX 600 index (.STOXX), opens new tab was down 0.6% as of 0718 GMT, hitting a near two-week low following a short-lived bounce on Monday.
Global stocks sold off sharply on Friday after U.S. President Donald Trump threatened to impose additional 100% tariffs on Chinese goods over Beijing’s rare earths export controls. While Trump struck a more conciliatory tone over the weekend, both the countries on Tuesday began charging additional port fees on ocean shipping firms that move everything from holiday toys to crude oil.
Miners (.SXPP), opens new tab fell the most among European sectors, down 2%.
Automakers (.SXAP), opens new tab dropped 1.5%, with Michelin(MICP.PA), opens new tab sliding 9.3% after it cut its full-year outlook, citing worse-than-expected business conditions in the North American market that have eroded sales volumes and margins. German car parts maker Continental (CONG.DE), opens new tab dropped 3.7%, while Italian tyre maker Pirelli (PIRC.MI), opens new tab dropped 2.1%.
Swedish telecoms equipment maker Ericsson(ERICb.ST), opens new tab soared 12.4% after it reported a better-than-expected rise in quarterly earnings and played down the impact of U.S. tariffs.
