March 14, 2019 / 10:34 AM / 6 months ago

European stocks and China's yuan hit by report of delay in China-U.S. trade summit

LONDON, March 14 (Reuters) - European stocks stumbled on Thursday after a Bloomberg report said China and the United States are likely to push back a meeting between Presidents Donald Trump and Xi Jinping to end a prolonged spat over trade to April at the earliest.

At 1025 GMT, the pan-European STOXX 600 was up 0.5 percent, off its earlier highs, while Frankfurt’s DAX, which is sensitive to U.S.-China trade, erased gains and was flat.

About 6 percent of DAX constituents’ revenues originate from China.

The offshore-traded Chinese yuan fell to a one-week low of 6.7353, down half a percent on the day against the dollar.

The report cited three people familiar with the matter saying the hoped-for summit at Trump’s Mar-a-Lago resort will now take place at the end of April if it happens at all. (Reporting by Josephine Mason, Helen Reid and Sujata Rao, Editing by Helen Reid)

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