May 22, 2020 / 8:57 AM / 14 days ago

LIVE MARKETS-Opening snapshot: selloff in HK-exposed stocks

* Stoxx 600 down 1.5%

* Selloff on Hong Kong exposed stocks Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters. You can share your thoughts Joice Alves ( and Julien Ponthus ( in London and Stefano Rebaudo ( in Milan.


Hong Kong exposed stocks are hit hard in a new European risk-off session, as worries grow about fresh protests in the former British colony as China signalled it would impose new national-security laws on the city.

HSBC Holdings is among the worst performers of the Stoxx 600, down 5%, Standard Chart loses 3.8%, Prudential slides 5%, all gripped by Hong Kong concerns.

China also refrained from setting a 2020 GDP growth target worrying investors about its economic outlook.

The pan European index Stoxx 600 is 1.5% lower, with insurers, oil and gas, automakers leading losses, down about 2%. Oil meanwhile is sharply selling off on rising U.S.-China tensions.

Renault shares are down 4%, after France’s Finance Minister Bruno Le Maire said the company could disappear if it does not get help very soon to cope with the fallout from the coronavirus crisis.

(Stefano Rebaudo)



European equities are set for another risk-off session after a new spat between Washington and Beijing, and as worries grow about fresh protests in Hong Kong as China signaled it would impose new national-security laws on the city.

China’s move is seen stocks with high exposure to Hong Kong such as HSBC, StanChart , luxury sector taking a hit at the open.

On the corporate front Abu Dhabi’s Etihad Airways is planning to lay off 1,200 employees as it considers permanently grounding its Airbus A380s and never operating the A350s it has ordered, company and industry sources said.

Roche has acquired U.S.-based Stratos Genomics to further develop DNA-based sequencing for diagnostic use.

Lloyds Banking Group investors rebelled against the lender’s pay policy for top bosses, with more than a third of balloted shareholders rejecting its bonus plan.

Fiat Chrysler’s top executive said auto sales in Brazil have fallen between 70% and 75% so far in May due to the coronavirus crisis, compared to a year ago.

Burberry reported a 27% drop in comparable sales in the final quarter of its year, which ended with about 60% of its retail stores closed; it also pulled its final dividend and would review future payouts at the end of its 2021 financial year.

United Utilities Group posted an about 9% rise in full-year operating profit, but said it would review its dividend policy for the five-year pricing control period ending 2025.

On The Beach Group intends to raise equity worth about 20% of its share capital.

(Stefano Rebaudo)



European futures and their U.S. peers are in the red on resurgent U.S.-China tensions and concerns about the long-term economic impact of the coronavirus pandemic.

Beijing, set to impose new national security legislation on Hong Kong, drew a warning from President Donald Trump that Washington would react “very strongly” against the attempt to gain more control over the former British colony.

China refrained from setting a 2020 GDP growth target but pledged to issue 1 trillion yuan ($140 billion) of special treasury bonds to support regions hit by the outbreak.

(Stefano Rebaudo)

Reporting by Joice Alves, Julien Ponthus and Stefano Rebaudo

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