European Stocks Hit Hard by Tariff-Driven Market Turmoil
The Stoxx 600 index closed down 2.7%, as major retail and industrial stocks with global supply chains faced severe losses. Adidas fell 11%, while shipping giant Maersk dropped 9.5%.
The automotive sector was hit hard, with the Stoxx Autos index losing 3.9% following new 25% tariffs on imported vehicles.
Financial stocks took a major hit, falling 5.6%, while the technology sector declined by 4.5%.
In contrast, utility stocks saw a 3% rise, benefiting from their defensive nature during market turbulence. National indices were also down, with the U.K.s FTSE 100 falling 1.6%, Frances CAC 40 dropping 3.3%, and Germanys DAX down 3.1%.
The newly introduced tariffs, including a 10% baseline duty on all imports and higher rates on specific products, are expected to impact over 180 countries.
The EU and China have both signaled potential countermeasures, with European leaders expressing concern over the disruption to trade.
In the currency market, the euro and the British pound surged to six-month highs against the dollar, reflecting increased uncertainty. As global markets remain volatile, investors are bracing for continued fallout from the unexpected tariff policies.
The post European Stocks Hit Hard by Tariff-Driven Market Turmoil appeared first on Coindoo.
Read more: https://coindoo.com/european-stocks-hit-hard-by-tariff-driven-market-turmoil/
Text source: Coindoo
