10:03 GMT +317 June 2019
Listen Live
    Traders from BGC, a global brokerage company in London's Canary Wharf financial centre react as European stock markets open early June 24, 2016 after Britain voted to leave the European Union in the EU BREXIT referendum.

    European Stocks Tumble Amid PM May Leadership Bid, Brexit, US-China Trade War

    © REUTERS / Russell Boyce
    Business
    Get short URL
    4163

    The news comes as Asian stocks slid to four-month lows after investors belive the US-China trade war could spark a tech race between the two superpowers.

    European stocks were hit hard on Thursday amid fallout from the US-China trade war and UK prime minister Theresa May's mounting pressures to step down. 

    Europe-wide STOXX 600 fell 0.8 percent and Germany's DAX index dropped one percent. Auto and mining stocks across Europe also plummeted 2.8 and 1.04 percent, respectively. 

    British chip designer ARM announced on Wednesday that it would comply with the US blockade on Chinese tech giant Huawei, pushing the tech sector down 1.25 percent. 

    Regarding Brexit, the London FTSE 100 fell 0.5 percent, affecting the housing market the hardest.

    May's cabinet faces fresh rounds of chaos after Commons leader Andrea Leadsom resigned on late Wednesday over PM May's Brexit plan, sparking outrage across Westminster where many MPs called for May to resign. The Prime Minister is expected to speak with the 1922 Committee on Friday and to announce her resignation.

    The ruling Conservative party lost roughly 1300 councillors and 44 constituencies in early May's local elections across the UK, and MPs have called for May's resignation as voters go to polls for the European elections, where Tories are expected to suffer major losses. 

    READ MORE: Theresa May in TEARS Amid Resignation News, Boris Johnson Ready to Join The Fray 

    According to reports, No. 10 has not faced such challenges since former PM Margaret Thatcher was forced to resign in 1990 after being advised similarly by the 1922 Committee. Roughly 12 MPs will contest for her position if she steps down, with Andrea Leadsom, Rory Stewart, Boris Johnson, and Esther McVey announcing their bids for the Prime Minister's seat as the Brexit Party is expected to win European elections on Thursday.

    Related:

    Brexit Party Leader Nigel Farage Casts His Vote in European Elections (VIDEO)
    UK PM May Expected to Declare Resignation on Friday Amid Brexit Stall - Reports
    UK Prime Minister May's Commons Leader Leadsom Resigns Over Brexit Disagreement
    UK PM Theresa May's New Brexit Deal 'Naked Attempt to Fool MPs' - Prof.
    Tags:
    tech, trade war, markets, stocks, economic blockade, resignation, 2019 European Parliament Elections, US-China trade war, Brexit, 1922 Committee, STOXX, FTSE, Andrea Leadsom, Boris Johnson, Theresa May, European Union, London
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik