|Day's Range||9,332.40 - 9,392.30|
|52 Week Range||8,286.20 - 9,588.20|
Major European indices trending lower on the back of weak economic data out of Europe. 178-year old travel company Thomas Cook collapses. WeWork IPO shelved
Shares in European semiconductor companies, one of the most sensitive sectors to the global trade tensions, recovered from their worst day in 4-1/2 months on Tuesday after the White House backtracked overnight on tough limits on China's Huawei. AMS, STMicroelectronics and Germany's Infineon shot higher - between 2-5.6% - in early deals after Washington temporarily eased trade limits on China's Huawei Technologies, in a move aimed at minimising disruption for its customers. The technology index was up 1% at 0741 GMT, recovering some of the 2.8% lost on Monday as investors shunned the sector amid worries that Huawei suppliers would lose business or have to sever ties with the world's No. 2 smartphone company due to tough U.S. restrictions imposed last week.
European autos stocks surged on Wednesday after Bloomberg reported, citing sources, that U.S. President Donald Trump plans to delay imposing threatened tariffs on car imports as the White House focuses on its spat with China. Europe's autos and suppliers index jumped, up as much as 2.2%, after the report which follows a Reuters report last week that automakers expect Trump to delay his decision on car tariffs for up to six months.
Since U.S. President Donald Trump's tweets derailed U.S.-China trade talks ten days ago, European stocks have outperformed Wall Street in a sign that investors are pinning their hopes on the region's battered equities weathering the protracted trade spat. Both the pan-European STOXX 600 and the S&P 500 have fallen since May 3, the trading session before Trump slammed China on trade and threatened more tariffs on billions of dollars of imports from the world's No. 2 economy. The index also displayed resilience to heavy losses overnight on Wall Street after Beijing retaliated against Washington's latest salvo in the trade row.
UBS Wealth Management cut its exposure to emerging market stocks and bonds late on Thursday, changing its portfolio as an intensification of China-U.S. trade tensions bruised markets, the asset manager said in a note on Friday. UBS WM closed its overweight position in EM equities relative to Swiss equities, chief investment officer Mark Haefele said in the note.