3 weeks ago
55
European markets opened sharply lower on Monday as global investors braced for U.S. President Donald Trump's trade tariffs to come into force.
The regional Stoxx 600 index was 1% lower shortly after the opening bell, with all sectors and major bourses firmly in negative territory. Germany's DAX index led losses, shedding 1.2% during early trade.
The sell-off comes ahead of a raft of Trump tariffs set to come into effect on Wednesday, including a 25% levy on "all cars that are not made in the United States."
By 8:18 a.m. in London on Monday, Europe's Stoxx Automobiles and Parts index was 1.7% lower. Volkswagen was 1.7% lower, while Mercedes-Benz was down 1.5% and Renault had shed 2.5%.
The president is also expected to announce his plan for reciprocal tariffs. The Trump administration has dubbed April 2 — the day when Trump's tariffs come into force and more sectoral levies are expected to be announced — "Liberation Day."
Global markets and the U.S.' biggest trading partners have been roiled by the fledging global trade war but Trump appears unrepentant. The Wall Street Journal reported Sunday that the president had, in recent days, pushed his advisors to get more aggressive when it comes to tariffs.
In a Saturday interview with NBC News, Trump said he "couldn't care less" if foreign automakers raise their prices due to his auto tariffs. U.S. stock futures fell on Sunday night.
There are no major earnings in Europe on Monday; data releases include Italian and German inflation prints.
These European defense stocks have gained more than 100% on EU spending plans — and they could have further to climb
Rheinmetall MAN Military Vehicle drives on the road on Nov. 20, 2024, in Donetsk Oblast, Ukraine.
Yan Dobronosov | Global Images Ukraine | Getty Images
Spot gold crosses $3,100 threshold to hit fresh record high
Spot gold crossed the $3,100 threshold to hit a fresh record high of $3,106.34 per ounce at 11 a.m. Singapore time on Monday.
Gold/USD
The price of the precious metal has been on the rise as investors flock to the safe haven asset amid concerns around U.S. President Donald Trump's fresh tariffs.
— Amala Balakrishner
President Donald Trump has pushed advisors to be more aggressive on tariffs, The Wall Street Journal reports
President Donald Trump has pushed his team to be more aggressive when it comes to tariffs, The Wall Street Journal reported on Sunday.
The article followed comments made by the president on Saturday when he told NBC News that he "couldn't care less" if foreign automakers raise their prices due to these new tariffs. Trump's economic tariffs, including a 25% levy on "all cars that are not made in the United States," will go into effect on Wednesday, April 2, a day the president has dubbed "Liberation Day."
— Lisa Kailai Han
European markets: Here are the opening calls
European markets are expected to open sharply lower Monday as global markets prepare for U.S. President Donald Trump's previously announced trade tariffs to come into force.
The U.K.'s FTSE 100 index is expected to open 41 points lower at 8,625, Germany's DAX down 141 points at 22,320, France's CAC 54 points lower at 7,862 and Italy's FTSE MIB 371 points lower at 38,727, according to data from IG.
There are no major earnings Monday; data releases include Italian and German inflation prints.
— Holly Ellyatt
English (US)