European Stocks Set to End the Week Lower
Both the STOXX 50 and STOXX 600 were falling nearly 0.5% on Friday, as investor attention shifted back to global trade tensions ahead of the July 9th deadline.
US President Trump announced that the US would begin sending formal notifications to trading partners on Friday, detailing the tariff rates they will face on exports to the US. Meanwhile, EU-US trade negotiations wrapped up in Washington without a breakthrough. EU Trade Commissioner Maros Sefcovic stated that while talks would continue, the objective remains securing a comprehensive and ambitious transatlantic trade agreement.
In a separate development, China’s Commerce Ministry said it will impose duties of up to 34.9% on EU brandy imports starting July 5th. Sector-wise, losses were broad-based, with all sectors in the red except telecoms. Basic resources, technology, and autos were the weakest performers. For the week, both the STOXX 50 and STOXX 600 are on track to post modest losses.
Source: Trading Economics