The European stock markets were tracking lower in Friday trading as investors parse the results - or lack thereof - of President Trump's summit with Chinese leader Xi Jinping.
The Stoxx Europe was falling 1.56, Germany's DAX was dropping 2%, the FTSE 100 was down 1.9%, France's CAC was losing 1.6%, and the Swiss Market Index was heading marginally lower.
Technology stocks, particularly within the semiconductor sector, were falling sharply after Trump left China without sealing a deal regarding tech imports and exports. Semiconductor companies STMicroelectronics and Infineon were falling 4.9% and 4.4% on the CAC and DAX respectively, while ASML and BE Semiconductor Industries were declining 4.7% and 3.7% respectively in Amsterdam.
In corporate news, HSBC has yet to deploy the $4 billion it previously committed to its private credit strategy, with no current timeline for the planned investment, the Financial Times reported Friday, citing two sources familiar with the decision-making process.
The London-listed lender announced plans last June to invest in its asset manager's private credit funds to expand in alternative lending, but the move has since been paused amid concerns over US private credit valuations and borrower risks, according to the report.
"We are committed to our asset management's offering in private credit funds," a HSBC spokesperson toldin an emailed statement.
Shares of the British bank were down 2.5% in London.
BP is contemplating selling certain natural gas assets in Egypt, Reuters reported Friday, citing sources familiar with the matter.
The British oil and gas giant has yet to make a final decision regarding the move, according to the report.
The company didn't immediately respond to' request for comment.
Shares of BP were up 1.6% in London.
Stellantis signed an agreement with Dongfeng Group to jointly manufacture Peugeot and Jeep vehicles in China, subject to customary conditions and approvals, the automaker said Friday.
The joint venture will assemble two Peugeot new energy vehicles and two Jeep off-road models at a Wuhan plant starting in 2027, the company said.
Shares of the automaker were falling 3.6% in Paris.
Diageo will integrate its Africa and Europe operations into a single division amid an overhaul including major leadership changes, Bloomberg News reported Friday, citing an unnamed person familiar with the matter.
Diageo did not immediately respond to' request for a comment.
Shares of the alcoholic beverage company were up 2% in London.
Endava said Friday it formed a strategic partnership with Tyl by NatWest to help modernize and expand the payments platform for Tyl customers.
The company said the partnership would provide businesses with a more integrated payments experience by combining Endava's AI-based delivery tools and payments technology with Tyl's merchant services platform.
Shares of the software firm were dropping more than 5% in Frankfurt.