European stocks closed sharply lower on Wednesday, retreating from the previous session's record highs amid downbeat corporate earnings and trade tensions, while investors weighed up the potential for a European bond issue. The eurozone STOXX 600 fell 1.4% to close at 5,458 and the pan-European STOXX 600 dropped 1% to close at 552. Financials and consumer discretionary stocks were among the biggest losers, with Allianz, Munich RE, Santander, Hermes and Inditex all down nearly 3%. Carmakers also tumbled after U.S. President Donald Trump hinted at tariffs on imported vehicles and parts. Stellantis and Volkswagen tumbled 4% and 3%, respectively. Outside the STOXX 50, Philips dropped 11% after missing fourth-quarter sales growth expectations. On the political front, European leaders held a second, larger summit in Paris to discuss defense spending plans after U.S. authorities signaled a lack of defense integration and a softer stance toward Russia. (Newsmaker23)
Source: Trading Economics
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