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
Wall Street's indexes closed at record highs on Wednesday, buoyed by strong sector performance and optimism that the US government shutdown will be brief. Investors shrugged off the first day of the ...
Europe's STOXX 600 closed at a record high on Wednesday, with healthcare stocks leading the way after a U.S.-Pfizer deal reduced uncertainty in the sector, while investors digested the beginning of a ...
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 ...
The Nikkei 225 index rose 1.0% to 44,990.71 in early trading, following a record-breaking rally on Wall Street overnight. The market appeared calm despite ongoing concerns about the US government shutdown. The gains were led by pharmaceutical and...
Gold edges lower in the early morning Asian session on a likely technical correction. Front-month Comex gold futures closed 0.7% higher at $3,867.50/oz on Wednesday, a fresh high. Any declines in gold may be limited by the ADP report released...
Oil held a run of losses after US crude inventories expanded for the first time in three weeks, ahead of an OPEC+ meeting on the weekend that will likely lead to the return of more idled supply. West Texas Intermediate traded below $62 after...
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 opened mixed Wednesday, following gains on Wall Street ahead of a potential U.S. government shutdown as lawmakers continue to...
In a statement after the September policy meeting, the Reserve Bank of Australia said:
"With signs that private demand is recovering, indications...