European stocks closed lower, tracking the losses for government bonds in the Eurozone as markets assessed some clarity on trade between the EU and the US, fresh economic data, and their impact on rates. The STOXX 50 fell 0.3% to the 5,459, a second decline, while the STOXX 600 was flat near the five-month high yesterday of 559.
The EU and the US moved closer to formalizing their trade deal that imposes 15% US tariffs on the EU, and specified that the pharmaceuticals, autos, and metals may face the 15% tariffs instead of the steeper Section 232 levies from the US. BMW, Mercedes Benz, Sanofi, and Bayer were slightly below the flatline.
In turn, the Eurozone's PMI unexpectedly rose to a 15-month high in August amid fresh support from manufacturers, indicating some resilience to protectionist policies from major trading partners and strengthening the argument for hawkish members on the ECB Governing Council due to higher prices picked up by the survey.
Source: Trading Economi
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