According to analysts at Danske Bank, market sentiment was dented by news that the Trump administration is not only planning to slap new tariffs on French goods (and preparing for a next tariff round in the Airbus subsidies battle with the EU), but also mulls going ahead with the planned 15 December tariff hike on Chinese imports if nothing changes in the remaining two weeks.

Key Quotes

“While talks between the two sides continue, no big meeting is scheduled. Trump yesterday also indicated some patience about striking a deal with China only after the US election, casting further doubts on a 'phase one' deal. To us the comments suggest some frustration on the US side on how much China is willing to give in exchange for a tariff rollback. However, without the tailwind from a 'phase one' deal with China, Trump will face a difficult battle in important 'farming' swing states in the upcoming election in our view.”

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