European Markets React to US Tariffs

European stock markets opened lower on Wednesday, as the implementation of sweeping US tariffs on imports from multiple countries dampened investor sentiment. The new measures, including a staggering 104% duty on Chinese goods, came into effect at midnight, sending shockwaves through global markets.

Market Performance Highlights

By 8:00 am CET, the DAX had plunged by 3.74%, leading the downturn, followed closely by the FTSE 100 with a 3.18% drop. The CAC 40 and Euro Stoxx 50 weren't spared, losing 1.87% and 3.84% respectively. Switzerland's SMI and Italy's FTSE MIB also faced significant losses, while Spain's IBEX 35 showed slight resilience with a 1.73% decrease.

Currency Movements

Amid the market turmoil, the euro and pound showed strength against the dollar. The euro appreciated by 0.91%, trading at $1.10584, while the pound gained 0.56%, reaching $1.28371 by 7:58 am CET.