European stocks close lower amid Trump remarks about China and the Fed

Shares in Europe closed lower on average on Friday afternoon following remarks from President Donald Trump over imposing tariffs on $ 505 billion worth of goods.

The pan-European Stoxx 600 ended provisionally lower by 0.09 percent at 385.2. The FTSE 100 in London ended flat, lower by just 0.04 percent.

Auto stocks were the worst-performers, down more than 2 percent amid reports that the European Commission is preparing retaliatory tariffs in case the U.S. moves ahead with duties on European carmakers. Banking shares were also under pressure amid comments from President Trump that he was not “thrilled” about the policy the Fed has followed.

Source : CNBC

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European stocks open lower after Trump criticizes the Fed

Shares in Europe open lower Friday following remarks from President Donald Trump about the Federal Reserve.

The pan-European Stoxx 600 was off by 0.2 percent at 385.40 at the open with nearly every sector in the red.

U.K.’s FTSE 100 and France’s CAC 40 opened 0.1% lower at 7,680.68 and 5,410.03 respectively with Germany’s DAX traded 0.2% lower at 12,662.34.

In an exclusive interview with CNBC, Trump said he is “not happy” about rising interest rates. “I am not happy about it. But at the same time I’m letting them (the Fed) do what they feel is best,” Trump said. In the same interview, Trump said if his dealings with Russian President Vladimir Putin don’t work out, Trump will become “the worst enemy he’s ever had.”

Source: CNBC

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Trump says he’s ‘not happy’ with Fed raising interest rates

President Donald Trump on Thursday said he’s not happy with the raising of interest rates by the Federal Reserve and suggested the central bank is working at cross purposes with his administration’s economic program.

In an interview published on CNBC, Trump said he wasn’t thrilled with the Fed’s rate hikes — despite calling Jerome Powell, whom he picked to replace Janet Yellen, a “good man” — and said he didn’t care that he was breaking a precedent under which presidents do not comment on the Fed so as to safeguard its independence.

“So somebody would say, ‘Oh, maybe you shouldn’t say that as president. I couldn’t care less what they say, because my views haven’t changed,” Trump said.

Second-quarter GDP is estimated to run at an annual rate north of 4%.

“Because we go up and every time you go up they want to raise rates again. I don’t really – I am not happy about it. But at the same time I’m letting them do what they feel is best.” He added, “But I don’t like all of this work that goes into doing what we’re doing.”

“I don’t like all of this work that we’re putting into this economy and then I see rates going up,” Trump said.

Source: Marketwatch


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