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(Sharecast News) - European shares fell sharply at the open on Friday following a weak session in Asia, as traders eyed the US-China talks and ongoing political turmoil in the UK.
The pan-European Stoxx 600 was down 0.67% to 611 at 0833 BST with all major bourses in the red.
Britain's FTSE 100 fell 0.71% as bond yields rose after Greater Manchester Mayor was given a circuitous path to challenge for the Labour Party leadership in the latest twist of the week's political drama.
Previously barred from making a return to parliament, the former Cabinet member will now be able to fight a by-election in the seat of Makerfield after the sitting MP Josh Simons said he would stand aside.
Seen as a threat to fiscal prudence by the so-called bond market "vigilantes", Burnham has gone on record as saying the UK is "in hock to the bond markets".
Yields on British government bonds - already elevated due to the country's disproportionate exposure to inflation and energy costs - were up in morning trade on the possibility of him winning any leadership contest.
The 10-year bond rose 11 basis points to 5.11%, while 30-year bond yields also gained 11 bps to 5.76%.
However, UK gilts were not the only ones under pressure, with German, Italian and French bonds also feeling the heat amid inflationary fears driven by the Iran war.
Meanwhile Health Secretary Wes Streeting, seen as the main right-wing challenger to unpopular Prime Minister Keir Starmer, quit his post but stopped short of triggering a leadership ballot. Under party rules anyone wishing to run for the top job must have the support of 81 MPs.
In Beijing, talks between Presidents Donald Trump and Xi Jinping had so far failed to produce anything meaningful, apart from agreement that both men wanted to see an end to America's war of choice on Iran and the Strait of Hormuz should be reopened.
China is Iran's biggest oil customer and is feeling the strain of the US blocked of shipments.
In equity news, shares in Dino Polska surged after the Polish supermarket chain's first-quarter results beat estimates.
Reporting by Frank Prenesti for Sharecast.com
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