European Stocks Close Sharply Lower
European stocks closed sharply lower on Friday, tracking aggressive declines in global equity markets as the US government increased the volume of imports it will tariff.
The STOXX 50 plunged 2.7% to 5,176, a 3.3% slide since the start of the week, and the STOXX 600 fell 1.8% to 536, a 2.2% slide on the week. While the baseline rate remained unchanged at 10%, tariffs rose sharply for India (25%), Canada (35%), and Switzerland (39%). Overall, the average US tariff rate will rise to 15%, up from around 2% in 2024.
Pharmaceutical stocks came under pressure after President Trump sent letters to 17 drugmakers for lower prices, driving Roche, AstraZeneca, Novartis, and Novo Nordisk to drop between 1% and 3%. Also, banks and industrial giants fell sharply following pessimistic US labor data, with Siemens, Intesa Sanpaolo, ING, BNP Paribas, and Schneider dropping over 4%. Meanwhile, AXA tumbled 8% after reporting a decline in net income. Also, Eurozone inflation ticked higher in July.
Source : Trading Economics
