Europe Steady Amid US Tariff Issues
European stocks traded within a narrow range on Monday (May 4), as market participants awaited signs of progress in Middle East talks. Risk assessment sentiment remained dominant, limiting further gains after last week's modest gains.
The pan-European STOXX 600 index was flat at 611.98 at 07:04 GMT. Regional markets were muted, with Germany's DAX also barely changing, while London markets were closed for a national holiday.
The main pressure came from the automotive sector after US President Donald Trump announced he would raise tariffs on European Union cars and trucks to 25% this week from 15%, citing the EU's failure to comply with the trade agreement. The automotive index fell 1.6%, led by declines of more than 2% for BMW and Mercedes, while Porsche and Volkswagen fell around 1.5%; Daimler Truck and Traton also fell slightly.
Outside of automotive, market attention remains focused on the recovery gap in European equities, which remains around 4% from pre-war levels, amid a rebound in Wall Street and global stocks driven by AI optimism and Europe's sensitivity to energy. Early in the session, Thyssenkrupp rose 1.2% after the company halted talks to sell its steel unit to India's Jindal Steel. (asd)
Source: Newsmaker.id
