Stocks in Europe started the week in negative territory, with both the STOXX 50 and the STOXX 600 dropping around 1% to near two-month lows as concerns over the ongoing trade war continued to weigh on investor sentiment.
New reciprocal tariffs on US imports are set to take effect on Wednesday, fuelling uncertainty regarding their scope and impact. Reports also indicate that President Trump has recently urged his advisors to adopt a more aggressive stance on tariffs.
The basic resources sector saw sharp losses, hitting its lowest level since September, while banks, chemicals, and construction materials were also among the biggest decliners. For the month of March, the STOXX 50 is down approximately 2.4%, but remains on track to close the first quarter about 9% higher. Similarly, the STOXX 600 has lost 2.7% this month but is still up around 7% for the quarter, marking its best performance since late 2022.
Source: Bloomberg
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