European stocks near two-week low on trade worries, Michelin slump
Oct 14 (Reuters) - European stocks dipped on Tuesday on renewed worries about a U.S.-China trade war and as Michelin's shares slid to a more than two-year low after the French tyre maker cut its annual forecast.
The pan-European STOXX 600 index .STOXX was down 0.6% as of 0718 GMT, hitting a near two-week low following a short-lived bounce on Monday.
Global stocks sold off sharply on Friday after U.S. President Donald Trump threatened to impose additional 100% tariffs on Chinese goods over Beijing's rare earths export controls. While Trump struck a more conciliatory tone over the weekend, both the countries on Tuesday began charging additional port fees on ocean shipping firms that move everything from holiday toys to crude oil.
Miners .SXAP fell the most among European sectors, down 2%.
Automakers .SXAP dropped 1.5%, with MichelinMICP.PA sliding 9.3% after it cut its full-year outlook, citing worse-than-expected business conditions in the North American market that have eroded sales volumes and margins. German car parts maker Continental CONG.DE dropped 3.7%, while Italian tyre maker Pirelli PIRC.MI dropped 2.1%.
Swedish telecoms equipment maker Ericsson ERICb.ST soared 12.4% after it reported a better-than-expected rise in quarterly earnings and played down the impact of U.S. tariffs.
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