European shares step back, Trump's China response awaited

  • Reuters
  • Stock Market News
European shares step back, Trump's China response awaited
Credit: © Reuters.

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May 29 (Reuters) - European shares pulled back on Friday as market participants turned their focus to Washington's response to the Chinese parliament's approval of a national security law for Hong Kong, but major indexes were on course to finish May with solid gains.

The pan-European STOXX 600 index .STOXX fell 0.9% by 0709 GMT, with U.S. President Donald Trump due to announce his policy moves that could escalate tensions between Washington and Beijing. and parts makers .SXAP led declines with a 2.5% drop, while travel & leisure .SXTP and banks .SX7P fell more than 2% each.

Still, hopes of a global economic recovery as policymakers unleashed stimulus programmes and several countries emerged from lockdowns put the STOXX 600 on course for a 3.6% monthly gain.

Hugo Boss AG BOSSn.DE fell 4.4% after Jefferies downgraded the stock to "hold", while Renault SA RENA.PA slid 4.5% on news that it was launching talks with unions to restructure several French car plants and confirmed plans to cut around 15,000 jobs worldwide. maker JDE Peet's JDEP.AS , one of the few big companies to go public during the coronavirus crisis, jumped 11.3% at the start of trading on Euronext in Amsterdam.

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