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Shares stumble over Trump impeachment threat, China jibes

Video Credit: Reuters Studio
Published on September 25, 2019 - Duration: 01:46s

Shares stumble over Trump impeachment threat, China jibes

World stocks fell to a two-week low after U.S. lawmakers called for an impeachment inquiry into President Donald Trump, and after Trump himself delivered a stinging rebuke to China's trade practices in a speech at the UN.

David Pollard reports.

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Shares stumble over Trump impeachment threat, China jibes

Donald Trump - the man of the moment.

But for Europe's markets on Wednesday (September 25) - as for the global economy - an uncertain moment ... After news emerged of a move to impeach the U.S. president ... And the president himself spiked the tone of his rhetoric against China's trade practices.

(SOUNDBITE) (English) U.S. PRESIDENT DONALD TRUMP, SAYING: "The second largest economy in the world should not be permitted to declare itself a developing country in order to game the system at other's expense." It proved a double whammy for stocks in Asia.

The Nikkei saw its largest loss in three week.

Chinese shares slipped by one percent or more.

In Europe, trade sensitive tech stocks and oil gas down led the charge lower - both down over a per cent.

And as for the bourses: most were registering losses of up to one and half per cent early in the session.

The mood not helped by recent grim data - including a slump in Germany's key IFO expectations index, reported on Tuesday (September 24).

IFO president, Clemens Fuest: (SOUNDBITE) (German) IFO PRESIDENT CLEMENS FUEST, SAYING: "We believe a certain stability is possible.

But this would require not having a hard Brexit, the trade war not getting worse and that the economy in China does not crash." Among other headliners: German conglomerate Thyssenkrupp, as it played out a move to replace boss Guido Kerkhoff after four profit warnings and two failed restructuring attempts.

France's EDF: its shares down over six per cent after it raised cost estimates for a UK nuclear project.

And Teamviewer.

Europe's latest IPO, and the biggest this year - rang its debut on Germany's stock exchange.

Only to see its shares sink below their offer price, soon after.

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