European stocks slump on news of China tightening grip on Hong Kong

European stocks fell sharply on Friday, on investor concerns over tensions between the U.S. and China, as well as between Beijing and Hong Kong. The Stoxx Europe 600 index
SXXP,
-0.22%

fell 1.2%, the German DAX
DAX,
-0.08%

fell 1.4% and the FTSE 100 index
UKX,
-0.47%

dropped 1.8%. Data in the U.K. showed a record slump in retail sales due to the coronavirus lockdown. Risk-off sentiment was spreading across assets with Dow futures
YM00,
+0.00%

down over 200 points and crude prices
CL.1,
-4.92%

down close to 6%. Hong Kong
HSI,
-5.56%

stocks fell 5% on news that China’s ceremonial parliament is mulling a security law in the former British colony. Banks were among the big decliners, with HSBC Holdings PLC
HSBA,
-3.71%

HSBC,
-2.90%

sliding 5%, while luxury goods makers such as LVMH Moet Hennessey Louis Vuitton SE
MC,
-0.86%

fell 2.5%.

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