Technology shares pushed European stock markets lower on Friday after U.S. chipm...
- Technology shares pushed European stock markets lower on Friday after U.S. chipmaker Broadcom warned of a broad slowdown in demand due to trade tensions and the U.S. ban on Chinese mobile phone company Huawei Technologies.
The forecast of a $2 billion hit to sales at Broadcom, one of the biggest U.S. players in the chip sector, came as Chinese industrial output growth slowed to a more than 17-year of 5% in May and was among the clearest signs yet of the damage President Donald Trump’s trade war may do to global growth.
Adding to the downbeat mood, China said it was raising anti-dumping duties on certain alloy-steel seamless tubes and pipes imported from the United States and the European Union as much as 10 times from previous rates.
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