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| - European stock markets retreated on Thursday as investors were left to look beyond a trade deal signed by China and the United States and refocus on the earnings season and outlook for the global economy. Shares in European carmakers meanwhile skidded, as Germany's defence minister confirmed a report that the United States was threatening to impose a 25-percent tariff on European car exports if it continued backing the Iran nuclear deal. European stock markets were lower overall, "with the US-China signing ceremony a day earlier failing to provide much excitement or spark another rally", noted Craig Erlam, senior market analyst at traders OANDA Europe. The dollar on Thursday dropped against the euro and pound but rose versus the yen, while oil prices firmed. After painstaking on-off talks between economic superpowers China and the US, President Donald Trump finally put pen to paper Wednesday on an agreement that lowers tensions between the two and provides a major boost to the global outlook. Equities have been rallying since last month's announcement of a deal to de-escalate a long-running stand-off that has jolted growth around the world and fanned fears of recession in some countries. "There's relief at the situation progressing in a positive way that removes some uncertainty but disappointment at the same time that tariffs remain in place and will for the foreseeable future," Erlam said. "Thankfully, (the current) earnings season will provide a handy distraction." The trade pact -- the first part of a wider agreement -- includes pledges from Beijing to boost purchases of US agricultural goods and other exports for two years, protects US technology, and provides enforcement mechanisms allowing Washington to impose penalties that Beijing cannot respond to. In return, the US has cut tariffs on some Chinese products and cancelled others that had been lined up, though levies remain in place on goods worth hundreds of billions of dollars, which Trump said will stay in place until the next phase of talks is complete. The president hailed it as a "momentous step", while Beijing cautiously welcomed the "hard-fought agreement" but warned of uncertainties ahead owing to the countries' fraught relationship. Still, Wall Street ended Wednesday with healthy gains, as the Dow and S&P 500 hit fresh record highs, while Asia's main stock markets ended higher on Thursday. On the corporate front, shares in European carmakers dropped after Germany's defence minister on Thursday confirmed a report on the US tariffs threat. "This expression or threat, as you will, does exist," Annegret Kramp-Karrenbauer told a news conference during a visit to London after a report in the Washington Post newspaper. The US daily said that Trump made the threat if Britain, France and Germany did not formally accuse Tehran of flouting the 2015 nuclear deal. In European midday trading, share prices of Renault, BMW and Volkswagen were all down around 2.0 percent. London - FTSE 100: DOWN 0.4 percent at 7,608.95 points Frankfurt - DAX 30: DOWN 0.3 percent at 13,397.58 Paris - CAC 40: DOWN 0.1 percent at 6,026.29 EURO STOXX 50: DOWN 0.2 percent at 3,761.50 Tokyo - Nikkei 225: UP 0.1 percent at 23,933.13 (close) Hong Kong - Hang Seng: UP 0.4 percent at 28,883.04 (close) Shanghai - Composite: DOWN 0.5 at 3,074.08 (close) New York - Dow: UP 0.3 percent at 29,030.22 (close) Euro/dollar: UP at $1.1161 from $1.1150 at 2200 GMT Pound/dollar: UP at $1.3058 from $1.3038 Euro/pound: DOWN at 85.47 pence from 85.52 pence Dollar/yen: UP at 109.97 yen from 109.90 yen Brent Crude: UP 0.4 percent at $64.23 per barrel West Texas Intermediate: UP 0.2 percent at $57.94 per barrel burs-bcp/rfj/jh
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