European stocks started June in the red, with both the STOXX 50 and STOXX 600 falling nearly 0.6%, retreating after gains of around 4% in May. The decline comes amid escalating geopolitical tensions, with China accusing the US of violating their recent trade agreement, following President Trump's accusations last week that China had broken the deal.
Also, Trump announced plans to double tariffs on steel and aluminum to 50% from 25%, a move that has drawn criticism from the EU. Meanwhile, traders are bracing for the ECB's monetary decision later this week, with expectations of another rate cut.
Investors are also closely watching the results of Poland's presidential runoff, where eurosceptic candidate Karol Nawrocki emerged victorious. On the corporate front, Sanofi was down 0.5%, with the company announcing that it will acquire Blueprint Medicines Corporation for $9.1 billion. Novartis on the other hand, was up 1.3% after a clinical trial showed strong results for its cancer drug
Source: trading Economi
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