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Stocks climb on trade; yuan falters

Video Credit: Reuters Studio - Duration: 01:09s - Published < > Embed
Stocks climb on trade; yuan falters

Stocks climb on trade; yuan falters

European shares followed Asian stocks higher on Monday after the United States shelved plans to impose tariffs on Mexico.

But, as Francis Maguire reports, China's yuan dropped due to lower imports than was predicted in May.

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Stocks climb on trade; yuan falters

European shares followed Asian stocks higher on Monday, The rise came after Washington dropped plans to hit Mexico with tariffs - turning back from a move many feared could put the U.S. into recession.

Worries from China, though.

The yuan slipped to its weakest this year after imports fell the most in almost three years.

Down 8 and half percent in May from a year earlier.

A much worse drop-off than analysts predicted - and a sign of weak domestic demand.

China's currency fell as much as 0.35% to as low as 6.9 per dollar - Its weakest since early December, when U.S. President Donald Trump last met Chinese President Xi Jinping for trade talks.

The pan-European STOXX 600 gained 0.3% in early trade, with Britain's FTSE 100 up just over half a percent.

Europe's auto sector hopes were raised by signs Fiat Chrysler and Renault might revive their merger plan.

Fiat's shares jumped 3%, while Renault went up 1% British travel firm Thomas Cook a big riser early Monday - it's shares up 20%.

That after a report Hong Kong-listed Fosun Tourism was in talks to buy its tour operating business.




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