European stocks closed lower for a third session amid persistent concerns about US tariffs. The Eurozone STOXX 50 index fell 1% to 5,288, and the pan-European STOXX 600 index fell 0.5% to 544. US Treasury Secretary Bessent noted that White House officials were prioritizing trade agreements they considered beneficial rather than rushing to reach a deal before the August 1 deadline, which could potentially pave the way for the imposition of 30% tariffs on the EU before negotiations conclude. Defense stocks were among the biggest decliners, with Rheinmetall, BAE Systems, and Thales falling between 3.5% and 1% as major asset managers expressed skepticism about the sustainability of this year's rally in the sector. Technology stocks also posted sharp declines, with ASML and Infineon each down more than 3%. On the earnings front, SAP and UniCredit were the next major players to report results. (alg)
Source: Trading Economics
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