European shares crash due to Trump speech and Hong Kong unrest
Publish Date : 2019/11/13 - 11:19

European stocks were off their four-year highs on Wednesday. In his speech, President Donald Trump has not provided sufficient signs of progress in trade talks with China, and unrest and protests have increased in Hong Kong.

Shares of HSBC and Standard Chartered banking companies were affected by the protests in Hong Kong and lost 2% and 1.5%, respectively. The banking sector declined 2.2%, due to a decline in Dutch bank ABN Armo.

Parts of the Asian Financial Activity Center were paralyzed in the wake of the prolonged turmoil. Protesters are throwing stones at luxury shops and real estate.

President Donald Trump, on the other hand, said on Tuesday that the US is close to a trade deal with China but he did not elaborate.

Mining stocks that are sensitive to trade news fell 1.6%.

European auto stocks also fell 1.8% due to a lack of details on tariffs on European cars.

The STOXX 600 index fell 0.7% retreating from its four-year highs.

Source: Reuters

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