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European Market Performance:
European stocks fell during today’s trading, amid escalating trade tensions between the United States and the European Union and renewed concerns about the US administration’s imposition of tariffs.
European stocks fell during today’s trading, amid escalating trade tensions between the United States and the European Union and renewed concerns about the US administration’s imposition of tariffs.
- Stoxx 600: Down 0.26% to close at 547.24 points .
- German DAX: decreased by 0.43% to reach 23,894.54 points .
- French CAC 40: down 0.54% to 7,710.21 points .
- FTSE 100 UK: rose 0.08% to 8,779.25 points .
- Italian FTSE MIB: Down 0.31% to 39,962.64 points .
Best performing sectors:
- The oil and gas sector rose, supported by higher oil prices after OPEC+ announced a smaller-than-expected increase in supply.
- The defense and aerospace sector rose 0.45% , driven by an 11.6% jump in German Hensoldt shares after JPMorgan upgraded its rating.
Worst performing sectors:
- Automotive sector: down 2 % .
- Technology sector: decreased by 1% .
- Household goods sector: down 1% .
Geopolitical and trade tensions:
Tensions between the United States and China have returned to the forefront after accusations were exchanged over breaches of an interim trade agreement, amid US statements that tariffs on European steel would be increased to 50%.
The European Union warned that these measures “undermine negotiations” and increase uncertainty and business costs on both sides of the Atlantic.
Tensions between the United States and China have returned to the forefront after accusations were exchanged over breaches of an interim trade agreement, amid US statements that tariffs on European steel would be increased to 50%.
The European Union warned that these measures “undermine negotiations” and increase uncertainty and business costs on both sides of the Atlantic.
Currency markets:
Marked movements in the exchange rates of major currencies, driven by the weakness of the US dollar and escalating political and economic tensions:
Marked movements in the exchange rates of major currencies, driven by the weakness of the US dollar and escalating political and economic tensions:
- EUR/USD: rose to 1.1418 , up 0.6257% .
- USD/JPY: Decreased to 142.87 , down 0.8123% .
- GBP/USD: rose to 1.3539 , up 0.59% .
- AUD/USD: rose to 0.6487 , up 0.87% .
Oil and gold prices:
- Brent crude (August contracts): rose 2% to $64 per barrel .
- Spot gold: rose 1.5% to $3,333 per ounce , its highest level in a week.
Stock movements before the US market opens:
- BioNTech: Up 11% after an agreement with Bristol Myers Squibb to develop a new cancer treatment.
- Moderna: Up 3% after FDA approves new vaccine for seniors.
- Novo Nordisk: rose 3%, boosted by a US decision to ban counterfeit weight-loss drugs.
US Futures:
- Dow Jones Futures (DOW FUT): Down 0.18% to 42,219.00 points .
- S&P 500 Futures: Down 0.28% to 5,899.25 .
- Nasdaq 100 Futures: Lost 0.44% to 21,283.50 points .
Global markets continue to be affected by political and economic statements coming from the United States, whether related to tightening tariffs or tensions with China and Europe. Meanwhile, the energy and gold sectors are providing support to markets amid a rush for safe-haven assets and rising commodity prices, while the dollar is witnessing a marked decline against major currencies.
