European Stocks Down on Friday, Tariffs Eyed
Major European bourses traded in the red on Friday, with both the STOXX 50 and STOXX 600 down nearly 0.5%, as renewed trade tensions rattled investor confidence.
The US President announced a 35% tariff on Canadian imports starting August 1st and signaled plans to impose blanket tariffs of 15% to 20% on most other trading partners. The European Union is expected to receive formal notification of the applicable tariff rates shortly, likely later today. Megacap stocks declined, with SAP falling 0.7%, Nestlé 0.5%, LVMH 2.1%, Hermès 1.3%, ASML Holding 0.8%, and Novo Nordisk 1%.
Meanwhile, investors also focused on corporate earnings and business updates. BP shares rose 1.9% despite reporting weaker oil and gas sales in Q2. Brunello Cucinelli shares hovered near the flatline after the luxury brand posted a 10.7% increase in first-half revenues.
Despite Friday’s losses, equities remain on track for strong weekly gains, with the STOXX 50 up 2.9% and the STOXX 600 advancing 2.2% so far.
Source: Trading Economics
