Visitors at the Ford booth during the Auto China 2018 show held in Beijing, China. Associated Press
China’s factory activity shrank more than expected in June, an official manufacturing survey showed, highlighting the need for more economic stimulus as US tariffs and weaker domestic demand ramped up pressure on new orders for goods.
The White House said on Friday that President Donald Trump is delaying a decision by up to six months on whether to impose tariffs on imported cars and parts to allow for more time for trade talks with the European Union and Japan.
China on Saturday increased tariffs on billions worth of US goods as it prepares to unveil a blacklist of “unreliable” foreign companies that analysts say aims to punish US and foreign firms cutting off supplies to telecoms giant Huawei.
London's benchmark FTSE 100 index dropped 0.5 percent to 6,152.82 points. The Paris CAC 40 index retreated 0.6 percent to 5,010.03 and Frankfurt's DAX 30 shed 0.3 percent to 12,961.12.
Brent crude was up 14 cents, or 0.3%, at $45.10 by 0550 GMT, heading for a gain of about 1.6% this week. West Texas Intermediate had gained 11 cents, or 0.3%, to $42.35. The US benchmark is heading for a gain of nearly 3% this week.
Spot gold was down 0.1% at $1,950.94 an ounce by 0550 GMT. Bullion has declined 4% so far this week, its biggest weekly percentage fall since early March. US gold futures fell 0.6% to $1,959.50.
Masdar, one of the world’s leading clean energy developers and a subsidiary of Mubadala Investment Company, on Thursday announced its second strategic investment in the United States in a deal with EDF Renewables North America that will see it acquire a 50 per cent stake in a 1.6-gigawatt (GW) clean-energy portfolio.