STOXX 600 edges down on US trade uncertainties; set for monthly gains
May 30 (Reuters) - European shares dipped on Friday as caution prevailed after a U.S. court reinstated President Donald Trump's tariffs, even as the benchmark index neared a robust monthly gain.
The continent-wide STOXX 600 index (.STOXX), opens new tab was down 0.1%, as of 0711 GMT, pressured by a temporary reinstatement of the most sweeping of Trump's tariffs a day after another court ordered an immediate block on them.
However, the benchmark index was set for its first monthly advance in three, up 3.8% so far, capitalising on easing trade tensions and the recent U.S. fiscal concerns that forced investors to move away from American assets.
On Friday, data showed German retail sales fell by 1.1% in April compared with the previous month. Investors also looked ahead to Germany's May inflation figures, to be released later in the day, that could offer more clues about the European Central Bank's policy decision next week.
Among sectors, basic resources (.SXPP), opens new tab was the biggest drag and fell 0.9%, dragged by lower copper prices.
The real estate (.SX86P), opens new tab supported the main index by rising 0.8%.
M&G (MNG.L), opens new tab jumped 8.2% after it said Japanese life insurer Dai-Ichi Life Holdings (8750.T), opens new tab will take a 15% stake in the British insurer and asset manager as part of a strategic deal.
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Oldest Ferrari car in existence built in the 1940s with open top sells at auction for record price of £6.3million
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The Independent
36 minutes ago
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Champions League final betting offer: 40/1 on Inter or PSG to score
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Telegraph
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London's crime epidemic ‘is scaring away tourists'
Tourists are becoming too scared to visit London because of surging levels of phone thefts, the boss of a £2.2bn hotel empire has warned. Greg Hegarty, the chief executive of PPHE Hotels, which runs 51 locations across Europe, said the company had ramped up its spending on security because travellers were increasingly worried about high crime rates in the capital. He said: 'If I'm looking at the South Bank of London, and Oxford Street, you can't carry a mobile phone in the street any more. You have got tourists now who are becoming less and less confident in coming or going to certain areas of London.' The issue is becoming a 'major concern' for recreational travellers and corporate clients who frequently host events such as conferences at PPHE's London hotels, he said. As a result, spending on security by the hotel group has roughly doubled compared with pre-pandemic levels. Mr Hegarty said: 'I want our customers to feel safe and valued, because it makes a significant difference. 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People are reading [Tripadvisor posts] that are saying 'I'm walking along Westminster Bridge, and I've had my phone stolen'.' Phone theft has become a booming black market industry worth around £50m per year, with many devices thought to be shipped abroad once they are stolen. The crime wave has sparked a clampdown by the Metropolitan Police, which said it 'stepped up' operations to catch phone thieves and bring them to justice. However, Mr Hegarty questioned how effective these efforts were. He said: 'I have had the police force come into one of our hotels, the general manager told me, saying 'Could you give this leaflet to customers?' which says to be careful of your mobile phones and your watches. 'What are you going to do if you're a family of five checking in from the US, being given a leaflet like that when you check into a hotel? It's not what you want.' Mr Hegarty said he believed petty crimes were being 'investigated a lot more' in other regions where PPHE does business. 'There's a lot more active policing elsewhere. When you go to Amsterdam they have got a very tough stance on certain behaviours now,' he said. Founded in 1989 by Eli Papouchado, an Israeli property developer, PPHE is one of Europe's largest hotel companies. It oversees a £2.2bn property portfolio of hotels, and is best known for the art'otel and Park Plaza brands. The company turned over revenues of more than £440m in 2024. Last year it opened the doors of its latest investment, a £310m new art'otel in Hoxton, east London. The hotel sits in a purpose-built 27-floor tower complete with a 25th floor restaurant, a luxury spa and its own art gallery – with a collection that includes two works by Banksy. Mr Hegarty called it a 'mammoth' undertaking that he hoped would boost tourism to the area and contribute to the local economy. However, he cautioned that recent political events had dampened his enthusiasm for doing business in the UK. Mr Hegarty said the company was having to scale back its investment plans and cut jobs as a result of Rachel Reeves's decision to hit employers with a £25bn tax raid in her October budget last year. Mr Hegarty said: 'We have had to react. We have had to make cutbacks, we are consolidating our corporate office, we are reducing headcount in hotels – which is unfortunate.' PPHE employs almost 3,000 people across the UK. 'We're overlooked and overtaxed' The Treasury has insisted higher taxes on businesses are necessary to help plug an alleged 'black hole' in the nations finances left by the former Conservative government. However, hospitality chiefs have been angered by the way in which the Chancellor went about raising revenue. Ms Reeves's decision to not only increase the rate of employers' National Insurance (NI) contributions but also lower the threshold at which it is paid has hit pubs, restaurants and hotels particularly heavily because of the high numbers of lower-paid and part-time staff these businesses employ. Mr Hegarty said: 'The Government overlooks hospitality. We're overlooked and overtaxed. If you go on your high street, you've got cafes which can't open, you've got restaurant brands which have been around for years going bankrupt, and you've got hotels closing. 'I think we've been in the worst place we've been in decades as an industry.' PPHE still plans to keep opening hotels in the UK regardless of the tax raid. However, Mr Hegarty said the burden of increased labour costs meant it would prioritise 'select service' hotels – which rely more on technology and offer fewer amenities compared to traditional 'full service' locations. Mr Hegarty said: 'I am not bringing a full service hotel back on to this market until I see things improving. [Select service] is a nice level of accommodation and services, but for example there'll be no room service, there'll be no kitchens, it'll be heavily automated. So for me, that's impacted jobs in the community.' He was equally dispirited by the prospect of more tax rises in the autumn. Another raid looks increasingly likely after the recent about-turn by Sir Keir Starmer on winter fuel payments and a likely policy change on the two-child benefit cap. The Telegraph recently revealed that Angela Rayner, the Deputy Prime Minister, wrote to Ms Reeves in the spring demanding a spate of further rises – such as removing inheritance tax relief for AIM shares and changing the tax on company dividends. Mr Hegarty said: 'It just makes London less attractive. London once was one of the global financial powerhouses, and we are having people leave us to go to Amsterdam. I can tell you now that customers I've lost in London, I've actually gained in Amsterdam.' A Metropolitan Police spokesman said: 'By intensifying our efforts, we're catching more perpetrators and protecting people from having their phones stolen in the capital. The Met is also working with other agencies and Government to tackle the organised criminality driving this trade and calling on tech companies to make stolen phones unusable.' A Treasury spokesman said: 'We are a pro-business Government, and we know the vital importance of the hospitality sector to local communities and the wider economy, which is why we are supporting them with business rates relief, cutting duty on draught pints, capping corporation tax, and are protecting the smallest businesses from the employer National Insurance rise – which is helping to fund the NHS.'
