The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany.
Simmering tensions between the U.S. and China dented European shares on Monday as investors fled risk at the start of a highly uncertain week with Britain's parliamentary vote on Brexit looming.
The pan-European STOXX 600 index fell 0.8 percent to hit a two-year low once more by 0830 GMT, with Britain's FTSE 100 down 0.3 percent. Germany's DAX, the most sensitive to China due to its big exporters, fell 0.9 percent. Shares in BASF fell 4.3 percent after the German chemicals firm slashed its forecast for 2018 profits on Friday.
It said the decline was mainly due to its chemicals segment while low water levels on the Rhine and weak automotive demand especially in China were also to blame.
Spanish Prime Minister Pedro Sanchez Saturday called on the European socialists to be cautious about the rising extreme-right in Europe and said they "should do much more."Party of European Socialists (PES) convened in Portugal's capital Lisbon to discuss the joint strategies ahead of the Europe Parliament (EP) elections to be held on May 26, 2019.Speaking at the 11th congress of PES, Spanish Prime Minister Sanchez stressed that the socialists of Europe had to do self-criticizing before EP elections and step into action against the rising extreme-right."The explosion of extreme-right in Europe, the authoritarian attitude and symptoms experienced amid Brexit are obvious; what is done [so far] is not sufficient and we should do more," he asserted.Spanish premier went on to say that one wouldn't support Europe and anti-Europe powers simultaneously at the elections. He added that the European socialists shouldn't wait as if their hands were tied and "break all the chains to progress."On the other side, PES elected Dutch Frans Timmermans, the serving EU Commission's First Vice-President, as the common candidate for the commission's presidency.In his speech to the delegates and attendees, Timmermans said: "These are not ordinary elections. These elections are about the soul of Europe. We need to adapt to a changing world. We are the political force with the willingness and capacity to do this. We need to write a new social contract with Europe’s citizens."In addition, the European People's Party from right-wing nominated German Manfred Weber for the presidency.Italian right hits Rome, chants 'Italians first!'
Spanish PM warns European socialists about far-right
BASF peer Symrise also tumbled 3.6 percent, helping drag the pan-European chemicals sector down 2.3 percent, the worst-performing.
Autos stocks also fell 1.8 percent as trade tensions took their toll.
Chipmakers AMS, Siltronic, STMicro also fell 2.9 to 5.1 percent as investors ditched the tech sector.
Politics drove some of the biggest moves.
French retail, hotel, and transport stocks tumbled anew after a fourth weekend of "yellow vest" protests which are disrupting the economy.
British energy utilities Centrica and SSE both fell around 3 percent as investors held their breath ahead of a crucial vote on Brexit on Tuesday.
Housebuilders Berkeley Group, Persimmon, Taylor Wimpey and Barratt Development fell 1.5 to 2.5 percent as nerves built and Peel Hunt cut its ratings.
Outside large-cap moves, shares in Interserve plunged 71 percent after the embattled British outsourcer said it was in talks with its debt holders and considering converting debt to equity.
Turkish President Recep Tayyip Erdoğan said on Saturday that Turkey is against the "chaos" caused by yellow vest protestors and the use of “disproportionate force” against them.“We’re concerned as we follow the events unfolding on European streets," he added. “The footage that emerged shows that Europe’s democracy, human rights and freedom lessons are only confined to classrooms,” said Erdoğan as he warned that French streets should not witness the “oppression that began in the summer of 1789,” in reference to the French Revolution that same year.“Europe’s walls of security and welfare are not being shaken by migrants or Muslims, but by Europe’s own citizens,” he added.Police in Brussels disperse 'yellow vest' protesters onto side streetsFrench riot police fired tear gas and clashed with "yellow vest" protesters in central Paris on Saturday during the latest in a wave of demonstrations against the high cost of living that have shaken President Emmanuel Macron's authority.Authorities said 575 people had been searched and briefly arrested and 361 people of them remained in custody after police found potential weapons such as hammers, baseball bats and metal petanque balls on them.Hundreds of protesters were milling around the Arc de Triomphe monument, which was defaced with anti-Macron graffiti last Saturday, when rioters also torched dozens of cars and looted shops in the worst rioting in Paris since May 1968.The protests, named after the high-visibility safety jackets French motorists have to keep in their cars, erupted in November over the squeeze on household budgets caused by fuel taxes.The French protests have inspired similar demonstrations in other European nations, notably in Belgium.French police clash with 'yellow vest' protesters in Paris
'Yellow vest protests show Europe has failed on democracy, human rights, and freedom'
The 11th round of the 2018-19 Turkish Airlines EuroLeague regular season concluded Friday.In the last match of the day, last year’s EuroLeague finalist Fenerbahce beat Greece's Panathinaikos 81-69 in Athens.Fenerbahce tops the league with 10 wins and 1 loss.Turkey's Anadolu Efes was defeated by Spain's Real Madrid 82-84 in Istanbul.On Thursday, Turkey's Darussafaka Tekfen was defeated by Israel's Maccabi FOX Tel Aviv 71-73 in Istanbul.EuroLeague competitions bring Europe's top basketball clubs together.Sixteen teams are competing this season -- four Spanish, three Turkish, two Russian and two Greek teams and one team each from Germany, Italy, Israel, Lithuania and Montenegro.Turkey is represented in the tournament by Anadolu Efes, Fenerbahce and Darussafaka.Round 11 results are as follows:Buducnost VOLI (Montenegro) - Barcelona Lassa (Spain): 67-64Darussafaka Tekfen (Turkey) - Maccabi FOX (Israel): 71-73Zalgiris (Lithuania) - Olympiacos (Greece): 83-75Bayern Munich (Germany) - Khimki (Russia): 72-65AX Armani Exchange Olimpia Milan (Italy) - Herbalife Gran Canaria (Spain): 86-94Anadolu Efes (Turkey) - Real Madrid (Spain): 82-84Baskonia (Spain) - CSKA Moskova (Russia): 76-73Panathinaikos (Greece) - Fenerbahce (Turkey): 69-81
Round 11 of Turkish Airlines EuroLeague concludes