Global Markets Grapple with U.S. Tariff Turmoil
European stocks opened slightly higher despite U.S. President Trump's announcement of tariffs on copper and pharmaceuticals. Copper prices soared, influencing Wall Street's mixed closure. Investors are wary of inflation and economic impacts as they await further developments in the trade war and insights from the Federal Reserve.
European stocks opened marginally higher on Wednesday, displaying limited reaction to U.S. President Donald Trump's declaration of a 50% tariff on imported copper and forthcoming levies of up to 200% for pharmaceuticals.
Trump's statements on Tuesday drove copper prices to record highs, resulting in Wall Street's mixed closure. However, equity markets appeared unfazed by the announcement. As of 0835 GMT, the MSCI World Equity Index saw a 0.1% uptick, reflecting cautious optimism.
The financial sector is on edge with investors scrutinizing possible inflationary threats and economic growth deceleration due to the tariffs. Eyes remain fixed on the Federal Reserve's meeting minutes, anticipated later on Wednesday, for any policy clues amid heightened market uncertainties.
(With inputs from agencies.)
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