Stocks fall on Trump's auto tariffs, China bucks the trend
Trump late on Wednesday announced plans for long-promised 25% tariffs on automotive imports. Analysts expect the move to hit European, Japanese and South Korean companies at most.
European stock markets are set for a lower open, with pan-European STOXX 50 futures down 0.5% and FTSE futures 0.2% lower.
In currency markets, the dollar index , which measures the greenback against six major peers, retreated 0.3% to 104.32, having hit a three-week top of 104.71 overnight.
The euro touched a three-week low of $1.0731, but bounced off the 200-day moving average and was last up 0.3% at $1.0780. The yen, on the other hand, recovered some of the overnight losses and bounced 0.2% to 150.21 per dollar on Thursday.
Treasury yields held steady in Asia after edging up overnight. The benchmark 10-year Treasury yields held steady at 4.3537%, having gained 5 basis points overnight.
The tariff uncertainty sent gold 0.5% higher to $3,035 per ounce, not far from a record high of $3,057.
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