European Stocks Weaken for a Third Day
Major European bourses fell on Tuesday, with the STOXX 50 and STOXX 600 down 0.2%, as tariff uncertainty continued to weigh on investor sentiment. The August 1 deadline for the US to begin imposing 30% tariffs on EU imports is approaching, and no deal has been reached so far. Meanwhile, traders remain focused on corporate earnings.
Chemical stocks were among the worst performers after Akzo Noble plunged more than 3% as the company lowered its core profit forecast for the year. ASML Holding also fell 1.5%, Schneider Electric fell 0.8%, and Siemens Energy fell 1.2%. Meanwhile, SAP shares rose nearly 0.4% ahead of its earnings release. Norsk Hydro rose nearly 2% after the aluminum producer reported better-than-expected second-quarter profit and cash flow. Julius Baer shares edged up 0.4%, despite a sharp decline in profit due to one-time charges from the sale of its Brazilian subsidiary and increased loan provisions.
Source: Trading Economics