European Shares Dip Amid U.S. Tariff Threats
European shares fell slightly on Monday due to U.S. tariff threats against auto stocks, despite gains in financials and healthcare. The pan-European STOXX 600 index dropped 0.1%, influenced by Trump warning a 30% tariff imposition in August. Consumer prices data and earnings reports are anticipated this week.
European markets faced a slight downturn on Monday, with auto stocks being particularly affected. This comes in the wake of U.S. President Donald Trump's threats to levy hefty tariffs on European Union imports, impacting companies like BMW, Volkswagen, and Mercedes-Benz. Nonetheless, gains in the financial and healthcare sectors helped mitigate more significant losses.
The pan-European STOXX 600 index saw a marginal 0.1% decline. However, the UK's FTSE 100 showcased an impressive rally, climbing by 0.6% to record heights, spurred on in part by AstraZeneca's 2% rise following successful drug trials. Meanwhile, the EU has cautioned the U.S. against escalating trade tensions, describing the potential tariffs as 'absolutely unacceptable.'
Additionally, the earnings season in Europe is on the brink of commencing. While eyes remain on significant economic data releases from the U.S., UK, and euro zone, notable companies including ASML in Europe, and JPMorgan Chase, Goldman Sachs, and Morgan Stanley in the U.S. are set to disclose their quarterly outcomes imminently.
(With inputs from agencies.)
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