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
US Stocks plunged on Friday, as investors reacted to a weak July jobs report and a fresh round of tariffs announced by President Trump. The S&P 500 and Nasdaq fell 1.6% and 2.2%, their steepest dr...
The European stock markets closed sharply lower in Friday trading as The Stoxx Europe 600 fell 1.8%, Germany's DAX dropped 2.5%, the FTSE 100 was down 0.7%, France's CAC decreased 2.9%, and the Swiss ...
US stocks opened sharply lower in August, with all three major indexes falling more than 1%, as a weaker-than-expected jobs report fueled renewed concerns about the strength of the US labor market and...
Asia-Pacific markets fell Friday after U.S. President Donald Trump modified "reciprocal" tariff rates on several countries, with updated duties ranging from 10% to 41%. Asia-Pacific markets started t...
The three US indices closed lower on Thursday, as gains in Microsoft and Meta failed to lift the broader market amid renewed trade uncertainties and economic concerns. The S&P 500 fell 0.5%, marki...
The Australian Dollar (AUD) remains under pressure against the US Dollar (USD) on Friday, giving back most of its earlier gains despite broad weakness in the Greenback following a disappointing Nonfarm Payrolls (NFP) data. The AUD/USD initially...
Oil prices $2 a barrel on Friday because of jitters about a possible increase in production by OPEC and its allies, while a weaker-than-expected U.S. jobs report fed worries about demand. Brent crude futures settled at $69.67 a barrel, down $2.03,...
The yen has suffered a difficult month, but BCA Research thinks the Japanese currency is primed for a multi-year rally. At 08:30 ET (12:30 GMT), USD/JPY traded 0.2% lower at Y150.49, having earlier in the session climbed as high as Y150.91, the...
Annual inflation in the United States (US), as measured by the change in the Personal Consumption Expenditures (PCE) Price Index, rose to 2.6% in...
Asia-Pacific markets traded mixed Thursday as investors assessed the U.S.′ blanket 15% tariffs on imports from South Korea and awaited details on...
According to a report from the US Department of Labor (DOL) released on Thursday, the number of Americans filing new applications for unemployment...
The pan-European Stoxx 600 index provisionally closed just below the flatline on Wednesday, with sectors diverging as second quarter earnings season...