European shares dip as trade-fueled rally loses steam
(Reuters) – European shares opened lower on Friday, halting a week-long rally after mixed signals on U.S.-China trade left investors uncertain on whether the two sides are really getting close to signing a deal.
The pan-European STOXX 600 index fell 0.4% at 0807 GMT, but was still set to end its fifth straight week in the black.
Tariff-hit miners .SXPP, among the most exposed to the trade conflict and its implications for global growth, led losses with a 1.3% fall. Defensive plays including telecoms .SXKP and utilities .SX6P eked out small gains.
Global equity markets cheered news on Thursday that the United States and China had agreed to roll back tariffs on each others’ goods in a “phase one” trade deal.
Hopes were dampened, however, after Reuters reported that the plan faced internal opposition in the White House.
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