European stock markets closed lower on Thursday, following U.S. President Donald Trump's stronger-than-expected trade tariff announcement.
The regional Stoxx 600 index ended down about 2.7%. Big retail names with global supply chains suffered, with German sportswear retailer Adidas down 11%.
Shipping giant Maersk, widely seen as a barometer of global trade, fell 9.5%.
The Stoxx Autos index fell 3.9% as Trump's 25% tariffs on imported vehicles to the U.S. came into effect and added to existing duties on steel and aluminum.
Other big losers included banks, down 5.6%, and technology, down 4.5%. Utilities, traditionally a defensive play in times of market turmoil, rose nearly 3%.
Trump on Wednesday signed off on an aggressive and broad-based "reciprocal tariff" policy, with his plan to set a base tariff of 10% across the board.
The president announced a series of "reciprocal tariffs" on more than 180 countries and territories, including 20% tariffs on goods imported from the EU and 10% on goods from the UK.
The UK's FTSE 100 fell 1.6%, with France's CAC 40 and Germany's DAX posting deeper losses of 3.3% and 3.1%, respectively.
The US's biggest economic rival, China, was hit with new tariffs of 34% that would add to the current 20% tariffs on US imports from China, bringing the total effective tariff to 54%. (Newsmaker23)
Source: CNBC
European shares were flat on Wednesday, with gains in heavyweight healthcare stocks offsetting the decline in the broader market, as investors fretted over a potential delay in the closely-watched U.S...
Asia-Pacific markets opened mixed Wednesday, following gains on Wall Street ahead of a potential U.S. government shutdown as lawmakers continue to wrangle over details of a second temporary spending b...
Wall Street's three major indexes managed to close Tuesday's choppy session higher, marking quarterly and monthly gains, even as investors braced for a U.S. government shutdown, which would delay key ...
European shares reversed their earlier declines to close slightly higher on Tuesday, with energy stocks limiting broader gains, while investors weighed the potential impact of a U.S. government shutdo...
US stocks were little changed on Tuesday, with the three major indexes hovering around the flatline as investors adopted a cautious stance ahead of a potential government shutdown that could disrupt t...
The dollar index fell to its lowest level in the session as U.S. corporate payrolls unexpectedly fell in September and traders increased bets on two interest rate cuts by the Federal Reserve this year. The yen outperformed other Group of 10...
The ADP report showed private employment fell in September; economists had expected a rise. Private employment fell 32,000 (estimated +51,000) in September compared with a revised -3,000 in August, according to the ADP Research Institute and the...
Oil prices stabilized on Wednesday (October 1) after two days of declines as investors considered OPEC+ plans for a larger production increase next month, while data from the US and Asia showed signs of declining demand. Brent crude for December...
Federal Reserve (Fed Bank of New York President John C. Williams hit the newswires on Monday, expressing his general cautiousness toward further...
The U.S. on Monday cracked down on companies in China and other countries that use subsidiaries or other foreign affiliates to get around curbs on...
Asia-Pacific markets traded mixed Tuesday with focus on the Reserve Bank of Australia's interest rate decision later in the day.
The RBA is...
Asia-Pacific markets opened mixed Wednesday, following gains on Wall Street ahead of a potential U.S. government shutdown as lawmakers continue to...