European markets open higher despite Trump’s 50% metals tariff
European markets open higher as Trump’s 50% steel tariffs kick in
It’s shortly after the opening bell in London and European stocks are trading higher, despite President Donald Trump’s 50% tariffs on steel kicking in on Wednesday.
The pan-European Stoxx 600 opened nearly 0.3% higher. The German Dax led gains and was up 0.6%, the French CAC 40 was 0.3% higher and London FTSE 100 was little changed. Most major sectors were in the green.
Echoing comments from Blackstone’s vice chairman earlier at the SuperReturn private equity conference in Berling, Blair Jacobson, co-president of Ares Management Corporation, said there was a “feeling right now that European markets are very attractive.”
Positive factors include falling interest rates and Germany’s 500 billion euro fiscal package, he said.
Jacobson said he was also encouraged by last year’s Draghi report, which urged deregulation and making Europe more competitive.
“Europe is growing up and taking control of its own destiny, which can be positive for macro trends,” he said.
Ares is focusing more on its international exposure and sees massive opportunities outside the U.S., Jacobson added, evidenced by its recent acquisition of global alternative asset manager GCP International for $3.7 billion which increased its exposure in Asian infrastructure.
Source: CNBC
