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Shares swoon as Beijing ramps up war of words

Credit: Reuters Studio
Published on May 17, 2019 - Duration: 01:30s

Shares swoon as Beijing ramps up war of words

EasyJet shares lift off on Europe's markets on a day when, otherwise, the main benchmarks sink again as trade worries bite.

David Pollard reports.

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Shares swoon as Beijing ramps up war of words

Take off time for EasyJet.

Its shares some of the few to get airborne as trade fears kept benchmarks grounded.

Europe's main indices dropped after three days of gains as Beijing ramped up the rhetoric with Washington.

The pan-European STOXX 600 was down 0.7% early on, though still looking at its best week in a over a month.

And Germany's DAX saw the export-sensitive car sector lose over a per cent and half.

Unappetising too were food delivery companies: they tumbled after Britain's Deliveroo, which is unlisted, got funding from Amazon.

Just Eat slipped eight percent, making it the biggest faller on the FTSE 100.

Takeaway.com and Delivery Hero were down three to four cent.

Elsewhere, crypto-currency Bitcoin left investors puzzled after abruptly sinking more than 20 percent for no apparent reason.

Sterling slipped to a four-month low beneath $1.28 as cross-party Brexit talks collapsed and pressure mounted on Prime Minister Theresa May to resign.

And with U.S./China tensions on the rise, the yuan hits its weakest in nearly five months, while Shanghai stocks finished 2.5% in the red.

As for EasyJet: the budget airline says it'll meet expectations this year - despite a deteriorating trading environment.

For lack of worse its stock rose over three percent in a Friday session which left some, perhaps, just wanting to get away from it all.

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