European Stocks Tumble: Concerns Over U.S.-China Relations

European stock markets dropped significantly due to apprehensions about U.S.-China trade ties impacting economically sensitive firms. The STOXX 600 fell by 2%, spurred by Trump's presidential victory raising U.S.-China tariff fears. Basic resources, luxury goods, and the chemicals sector were notably affected.

The European stock markets experienced a significant downturn as traders expressed concerns about the implications of strained U.S.-China trade relations on companies tied to these economies. The STOXX 600 index plummeted by 2%, reaching its lowest point in nearly three months.

After the recent U.S. presidential election results, market anxiety increased, with President Trump's unexpected victory raising alarms about potential U.S.-China tariffs. This development has sent ripples through assets linked to China globally.

The basic resources sector suffered the largest losses, with KGHM and Bayer being among the hardest hit. Despite widespread declines, technology stocks showed resilience, with Swiss firm Temenos leading gains. Investors now keenly await further economic and policy updates.

(With inputs from agencies.)