European markets open higher amid hopes of Trump tariff respite; LVMH down 8%
European markets opened higher on Tuesday amid tentative optimism that there will be some respite from U.S. President Donald Trump’s tariffs regime.
The Stoxx 600 index was 0.5% higher at 8:18 a.m. in London, with nearly all sectors in the green. Autos led the pack, up 2.3%, after Trump on Monday said he is looking to “help some of the car companies” amid his 25% auto tariffs.
Luxury bellwether LVMH dropped 8% after missing analysts’ first-quarter sales expectations.
Regional markets started the week on a positive note, closing higher Monday as traders digested news of a U.S. tariff exemption for some tech items.
Trump on Sunday said he would be announcing the tariff rate on imported semiconductors over the next week, NBC News reported. The news boosted sentiment on Wall Street on Monday, and Asia-Pacific markets mostly rose overnight, as a result.
Questions remain over exactly how long Trump’s wider pause on his full “reciprocal tariff” plan will last, however, and how various countries will seek to or be able to negotiate without resorting to their own retaliatory action. The EU last week paused its own countertariffs for 90 days in order to engage in talks.
Source : CNBC
