European markets opened lower Tuesday as global investors brace for the start of U.S. tariffs on Mexico, Canada and China, along with retaliatory action.
The Stoxx 600 index had tumbled 0.84% by 8:30 a.m. in London as the Stoxx 600 basket of automotive stocks — one of the sectors expected to be most impacted by the new duties — fell 2.7%.
Among the companies hit were Dodge-maker Stellantis, down 4%, and Mercedes Benz, lower by 2.8%.
French defense firm Thales meanwhile jumped 11% after reporting higher income and revenue for the full-year 2024 period. The stock was among many European military manufacturers to gain ground on Monday on expectations of higher regional spending.
The prospect of tariffs has rattled investors amid concerns that they will reignite inflation in the U.S. and escalate a global trade war.
Source : CNBC
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