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European Shares Slide On Trade Concerns

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European stocks drifted lower on Monday, with airline and technology stocks coming under selling pressure after Ryanair warned on profits and China said it's in no hurry to resume trade talks with the U.S.

Alphabet Inc's Google has suspended business with Huawei and German chipmaker Infineon Technologies also reportedly suspended shipments to the Chinese telecom giant, adding another dimension to the U.S.-China trade war.

The pan European Stoxx 600 was down half a percent at 379.47 after declining 0.4 percent on Friday.

The German DAX was losing 0.6 percent, France's CAC 40 index was declining 0.7 percent and the U.K.'s FTSE 100 was down about half a percent.

Infineon shares slumped 4.4 percent while AMS plunged 11 percent and
STMicroelectronics lost 9 percent.

German lender Deutsche Bank dropped 1.8 percent after reports that it ignored employees' calls to report multiple transactions involving entities controlled by U.S. President Trump and his son-in-law Jared Kushner to a federal financial-crimes watchdog.

Nokia rallied 2.3 percent and Ericsson advanced 1.3 percent on expectations that they could benefit from Huawei's difficulties.

Ryanair Holdings fell 2.5 percent as it reported its weakest annual profit in four years and warned of a worse trading environment.

Shares of Low & Bonar slumped 26 percent after the performance materials group warned that its first-half results would be materially behind that of the prior year.

In economic releases, the euro area current account surplus dropped to a seasonally adjusted EUR 25 billion in March from EUR 28 billion in February due to a fall in primary income, data from the European Central Bank showed.

The visible trade surplus decreased to EUR 24 billion from EUR 26 billion, while services surplus rose to EUR 8 billion from EUR 7 billion.

British households' financial wellbeing deteriorated at the fastest pace since September 2017, survey data from IHS Markit showed.

The household finance index, which measures households' overall perception of financial wellbeing, dropped to 42.5 in May from April's three-month high of 43.8.

The score indicated the strongest level of pessimism towards current financial wellbeing among U.K. households since September 2017.

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