- Title: European stocks dip after U.S. missile strike on Syria
- Date: 7th April 2017
- Summary: FRANKFURT, GERMANY (APRIL 7, 2017) (REUTERS) TRADING FLOOR AT FRANKFURT STOCK EXCHANGE TRADERS DAX CURVE TRADER BOARD SHOWING OPENING AT 12,174.51 POINTS VARIOUS OF TRADERS VARIOUS OF BANK SHARES ON BOARD TRADER VARIOUS OF INDICES ON BOARD (SOUNDBITE) (GERMAN) HEAD OF SPECIALIST FLOOR TRADING AT ODDO SEYDLER BANK, OLIVER ROTH, SAYING: "Regarding the current issue of airstrikes (in Syria), the thing people are concerned about is the credibility of the U.S. President. There needs to be a certain amount of reliability in politics, but here politics is being dictated from on high. Yesterday the U.S. was saying Assad was a necessary evil, now he is the devil because of the suspicion that he launched a gas attack on his own people. It's time for a bit of political consistency and stability, which we are not seeing from Donald Trump at the moment. We can see the impact on the stock market, and for the example the Dax is not at its highest at the moment." VARIOUS OF TRADERS (SOUNDBITE) (GERMAN) HEAD OF SPECIALIST FLOOR TRADING AT ODDO SEYDLER BANK, OLIVER ROTH, SAYING: "The Dax and financial investors worldwide are disappointed by Donald Trump. He promised a lot during the election campaign, and above all people are waiting for infrastructure measures and tax cuts. Neither of those things seem to be on the agenda at the moment and investors become uneasy when they see clear changes in foreign policy being dictated from on high - it's not very reassuring for investors. The stock market is still waiting it out, but patience with Donald Trump is wearing thin." VARIOUS OF TRADERS BOARD SHOWING LOW OF 12,156.47 POINTS (SOUNDBITE) (GERMAN) HEAD OF SPECIALIST FLOOR TRADING AT ODDO SEYDLER BANK, OLIVER ROTH, SAYING: "Since Donald Trump came into office we have seen a clear rapprochement between Russia and the United States. That relationship was basically broken before, but now it has improved. The Russians apparently didn't like what the United States did in Syria yesterday. But the relationship couldn't get much worse than it was a few months ago, and so I think there is still breathing space. I don't see a firestorm, but even so Donald Trump is showing that he is not really predictable, either in domestic or foreign policy. And the Russian president Putin must recognise that too." TRADERS DAX CURVE SHOWING LOSS OF 60.96 POINTS, OR 0.5 PERCENT TRADERS DAX CURVE TRADING FLOOR
- Embargoed: 21st April 2017 10:00
- Keywords: stiocks shares market Frankfurt stock exchange Oliver Roth U.S. missile strike airstrike Syria Donald Trump
- Location: FRANKFURT, GERMANY
- City: FRANKFURT, GERMANY
- Country: Germany
- Topics: Economic Events
- Reuters ID: LVA0016BEEQOD
- Aspect Ratio: 16:9
- Story Text: European shares fell on Friday (April 7), putting them on track for a small weekly loss, as major benchmarks tracked a global retreat by risky assets.
The pan-European STOXX 600 index was down 0.3 percent. Basic-resource stocks fell the most, 1.5 percent, but only three sub-sectors advanced. The STOXX 600 is down 0.4 percent this week.
Banking stocks were set for their biggest weekly losses in more than a month, down 0.5 percent on the day, another sign that so-called reflation trades were losing favour.
Oil stocks rose 0.4 percent after crude prices jumped more than 2 percent to a one-month high, in a reaction to U.S. President Donald Trump's ordering airstrikes on a Syrian airbase.
The toughest U.S. action yet in Syria's six-year-old civil war has ramped up geopolitical uncertainty in the Middle East. Oil, gold, foreign exchange, German and U.S. 10-year bonds reacted strongly to the attack.
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