European stocks closed sharply lower on Friday after US President Trump said he was recommending 50% tariffs on the European Union, potentially taking away demand from Europe's main export source.
The eurozone STOXX 50 fell 1.9% to 5,322 and the pan-European STOXX 600 dropped to 545. Carmakers, luxury brands and textile producers led the losses due to their heavy reliance on US consumers, with Mercedes Benz, BMW, Stellantis, Hermes and Inditex down between 4.5% and 2%.
Meanwhile, the possibility of retaliation by the European Commission weighed on banks, with Intesa Sanpaolo, UniCredit and BBVA each down 3%. On the data front, German Q1 GDP growth was revised up to 0.4% from 0.2%, boosted by strong manufacturing and a surge in exports in March, signaling resilience amid trade tensions.(alg)
Source: Trading Economics
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