The STOXX 50 dropped 1.1% and the STOXX 600 declined 0.8% on the first trading day of August, which coincided with the deadline for countries to reach a trade deal with the US. In response, President Trump announced a series of sweeping tariffs.
While the baseline rate remained unchanged at 10%—matching duties imposed in April—tariffs on certain countries were significantly increased, including India (25%), Canada (35%), and Switzerland (39%). Overall, the average US tariff rate will rise to 15%, up from around 2% in 2024. Pharmaceutical stocks also came under pressure after President Trump sent letters to 17 drugmakers, including US firms, demanding lower prices.
Novo Nordisk fell 4.4%, Novartis declined 0.9%, and AstraZeneca dropped 3.6%. Meanwhile, Axa tumbled 6% after reporting a decline in net income, while Daimler Truck sank nearly 6% after cutting key forecasts. On a more positive note, International Airlines Group rose 1.8% as its profit exceeded expectations.
Source: Trading Economics
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