European Stocks Fall Led by Autos
The Stoxx 50 fell 0.3% and the Stoxx 600 went down 0.1% on Monday as European markets started June on a cautious note amid renewed trade tensions.
US President Trump’s plan to double tariffs on imported steel and aluminum to 50% raised fears of a new global trade conflict. The EU warned of possible retaliation, which dragged down auto stocks, the worst-performing sector, with Stellantis tumbling 5% and Mercedes, BMW, and Volkswagen falling up to 2.7%. Luxury and media stocks also slipped.
On the other hand, oil stocks climbed 1.4% as crude prices jumped after a smaller-than-expected OPEC+ output hike. Babcock and QinetiQ surged on news of UK plans to expand its nuclear sub fleet. Sanofi dropped 1.8% after announcing a $9.1 billion acquisition of Blueprint Medicines.
On the data front, manufacturing PMI showed signs of stabilization in the Eurozone, though Germany remained weak. Investors now turn their focus to the ECB’s expected rate cut decision on Thursday.
Source : Trading Economics