US-China tension flares; poor European earnings weigh on its bourses; and the US has yet to agree a new Covid-19 unemployment benefit
London — European shares fell after opening higher, following a mixed bag of earnings results, while the dollar’s rebound stalled as investors waited for progress in talks on government aid in the US.
Disappointing earnings reports from the world’s largest spirits maker, Diageo, and German drugs and pesticides group Bayer took the shine off growth-linked cyclical stocks. US-China tensions worsened as US President Donald Trump said he will ban Chinese app TikTok in the US unless a tech company such as Microsoft buys it. The move provoked an outcry on Chinese social media and criticism from a prominent Chinese investor in TikTok’s owner, ByteDance.
Lawmakers said they had made progress in the talks, and US House speaker Nancy Pelosi will meet again with treasury secretary Steven Mnuchin and White House chief of staff Mark Meadows on Tuesday, raising hopes for a breakthrough.
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