Europe Markets Fall, Autos Down; Trump Tariffs Go Into Effect
European markets closed sharply lower on Tuesday as global investors brace for the global impact of fresh U.S. tariffs on Mexico, Canada and China, along with retaliatory action.
The Stoxx 600 index provisionally closed 2.2% lower, marking its biggest daily drop since August last year. The Stoxx 600 basket of automotive stocks — one of the sectors expected to be most impacted by the new duties — fell 5.7%.
Among the companies hit were Dodge-maker Stellantis, closing down 10%, and Mercedes Benz, lower by 5%.
French defense firm Thales jumped as much as 12% in earlier deals after reporting higher income and revenue for the full-year 2024 period. Shares closed 2.5% higher. The company was among many European military manufacturers to gain ground on Monday on expectations of higher regional spending.
Source : CNBC