Major bourses in Europe kicked off the week slightly higher, with both the STOXX 50 and the STOXX 600 adding about 0.2%, as traders try to shrug off concerns about the trade war.
President Donald Trump announced plans to impose 25% tariffs on all imports of steel and aluminum into the US and said new reciprocal tariffs would also be announced this week.
This came as China's retaliatory tariffs on select US exports are set to take effect today, while German Chancellor Olaf Scholz stated that the EU is ready to respond "within an hour" if the US imposes tariffs on European goods.
Real estate, tech, oil and gas and telecoms were the top performing sectors while basic resources underperformed. On the corporate front, BP soared almost 8% after Elliott Management, one of the world's most aggressive activist investors, acquired a stake in the struggling company. On the other hand, steelmakers Thyssenkrupp (-0.6%) and ArcelorMittal (-2%) were under pressure.
Source: Trading Economics
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