European Stocks Little Changed, Earnings and Tariffs Eyed
Both the STOXX 50 and STOXX 600 hovered near the flatline on Wednesday after closing at record highs in the previous session.
Traders focused on fresh corporate earnings and rising trade tensions while monitoring the situation in Ukraine. HSBC fell 1.6% after its full-year earnings and revenue disappointed, while Glencore tumbled 4.4% following a decline in full-year profit.
Shares of Philips also dropped more than 6% after the company missed fourth-quarter sales growth expectations. Meanwhile, US President Donald Trump indicated he would likely impose 25% tariffs on automobile, semiconductor, and pharmaceutical imports, with an announcement expected as soon as April 2nd. The auto sector was under pressure, namely Mercedes-Benz (-0.6%), BMW (-0.6%) and VW (-0.4%) while Stellantis gained 0.4%.
Source: Trading Economics