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The DAX Index curve is displayed as traders monitor financial data inside the Frankfurt Stock Exchange, operated by Deutsche Boerse AG, in Frankfurt. Photographer: Alex Kraus/Bloomberg

(bloomberg)

(Bloomberg) -- European shares slipped in early trade, reversing some of Tuesday’s gains, as investors assess the latest developments in U.S. politics with president Donald Trump suffering Tuesday perhaps the worst day of his presidency.

The Stoxx Europe 600 Index fell as much as 0.2 percent, after raising for two consecutive days. The basic resources sector was down 0.6 percent. On Tuesday, the Stoxx 600 tested its 50- and 200-DMAs, but failed to end the session above them, while the S&P 500 rose to an intraday record, before paring gains.

Trump’s former lawyer Michael Cohen pleaded guilty Tuesday to illegal campaign finance charges, just before the president’s former campaign chairman Paul Manafort was convicted on eight counts of tax and bank fraud charges.

“All these events add more uncertainty which is never good and the big question is if it leads to an impeachment process which would leave Trump in a weaker position,” Ignacio Cantos, investment director at ATL Capital in Madrid, said by phone. “Markets will probably not have a big reaction however, as he has faced so much criticism and so many issues since the start of his term.”

Shares in Apple supplier Dialog Semiconductor fell after Hong Kong’s AAC Technologies tumbled after reporting second-quarter earnings that missed analyst expectations.

(Updates with investor comment in fourth parragraph.)

To contact the reporter on this story: Macarena Munoz in Madrid at mmunoz39@bloomberg.net

To contact the editors responsible for this story: Beth Mellor at bmellor@bloomberg.net, Blaise Robinson

©2018 Bloomberg L.P.

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