European Stocks Decline for 3rd Session
European stocks closed lower for a third session amid persistent concerns of tariffs by the United States.
The Eurozone's STOXX 50 fell 1% to 5,288 and the pan-European STOXX 600 lost 0.5% to 544. US Treasury Secretary Bessent noted that White House officials are prioritizing trade agreements they deem favorable instead of rushing to strike deals before the August 1st deadline, potentially paving the way that the 30% tariff levels on the EU may be soon enforced before negotiations conclude.
Defense stocks were among the top losers with Rheinmetall, BAE Systems, and Thales dropping between 3.5% and 1% as major fund managers expressed their skepticism over the sustainability of this year's rally for the sector.
Tech shares also recorded sharp losses, with ASML and Infineon each dropping more than 3%. On the earnings front, SAP and UniCredit were the next giants to report.
Source: Trading Economics