With the Hang Seng leading the Asian markets lower overnight, the European indices woke up from their Thanksgiving slump in the red.
The apparent catalyst is fears that the Hong Kong Human Rights and Democracy Act, signed by Donald Trump this week, will irrevocably damage the relationship between the US and China just as it seemed that the ‘phase one’ trade talks were pointing in the right direction.
The FTSE, burdened by its commodity stocks, led the losses as it fell half a percent. That took the UK index back under 7400, a level it has struggled to get past for any serious period of time since August’s early bloodbath. The DAX was also down 0.5%, leaving it the wrong side of 13200, while the CAC dipped below 5900 following a 0.4% slide. As for this afternoon, the Dow Jones, stuffed full of turkey, is looking at a 75 point decline when the bell rings on Wall Street.
The pound – up this week against the dollar, but just about down on the month – was completely unchanged at the start of the session, unfussed by Thursday night’s climate debate and news that te UK’s consumer confidence is at a 6-year low. It was similarly unmoved against the euro, a currency it has fared better against this November.
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