November 21, 2019 / 8:43 AM / 20 days ago

European shares slide as trade worries ramp up again

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Nov 21 (Reuters) - European shares slid on Thursday after U.S. legislation on Hong Kong fueled more worries that a “phase one” trade deal between Washington and Beijing would not be formed anytime soon.

Most European subsectors were deep in the red, with miners , technology and oil & gas companies - which are most exposed to global trade tensions - dropping about 1% each.

In a move sure to anger China, U.S President Donald Trump is expected to sign two bills passed by Congress intended to support protesters in Hong Kong. That followed a Reuters report that completion of a “phase one” U.S.-China trade deal could slide into next year.

The reports sent the pan-European STOXX 600 index sliding 0.7% in its fourth day of losses, while trade-sensitive shares of Germany and France dropped 0.6% and 0.7%, respectively.

British postal company Royal Mail slumped 13% to the bottom of the STOXX 600, after saying its plan to expand its parcels business internationally was behind schedule even as it posted a first-half operating profit.

Thyssenkrupp dropped 8.8%. The German conglomerate scrapped its dividend after its full-year net loss widened five-fold.

Fiat Chrysler was down 3.6% after General Motors filed a racketeering lawsuit, alleging that its rival bribed United Auto Workers (UAW) union officials over many years to corrupt the bargaining process and gain advantages. (Reporting by Sruthi Shankar in Bengaluru; Editing by Bernard Orr)

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