European shares flat as investors cautious ahead of US jobs data
European
shares
were little changed on Friday, as investors refrained from placing major bets ahead of crucial U.S. jobs data, with persistent
trade
tensions adding to the uncertainty.
The pan-European STOXX 600 held its ground at 551.9 points, as of 0709 GMT, though the index remained on track for a second consecutive weekly gain, if momentum holds.
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A monthly reading of U.S. non-farm payrolls
will
set the tone for the day, and help investors gauge how the Federal Reserve could navigate this uncertain trade environment.
U.S. President
Donald Trump
doubled tariffs on steel and aluminum imports earlier this week, escalating trade tensions.
Following this, the Trump administration requested countries to submit their best offers by Wednesday, but
markets
have yet to see any concrete outcomes.
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The ECB's anticipated
interest rate
cut on Thursday was largely overshadowed by President Christine Lagarde's signals that the central
bank
is approaching the end of its easing cycle, prompting investors to scale back expectations for further cuts.
Shares of sportswear retailers Adidas and Puma slipped nearly 1% and 1.5%, respectively, after U.S. peer Lululemon Athletica cut its annual profit forecast.
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The total market capitalisation of BSE-listed companies dropped to around Rs 451 lakh crore, compared to ₹456 lakh crore in the previous session — a loss of nearly Rs 5 lakh crore in a single trading day. Why is the Indian Stock Market Falling on June 12? 1. Escalating Geopolitical Tensions Global markets, including India, were rattled by renewed geopolitical tensions in the Middle East. Asian and European indices fell sharply amid rising fears of a conflict between the US and Iran. According to reports by The Times of Israel, the US is evacuating non-essential personnel from the Middle East due to heightened regional tensions and the deteriorating status of nuclear negotiations with Iran. There is growing speculation that Israeli forces may strike Iran's nuclear facilities, adding to investor nervousness. Meanwhile, US President Donald Trump has reiterated his stance against allowing Iran to acquire nuclear weapons. The much-anticipated trade deal between the United States and China has failed to lift market sentiment, as investors were expecting a more comprehensive and conclusive agreement. On Wednesday, former US President Donald Trump claimed that China would supply the US with rare-earth minerals and magnets, while the US would continue to welcome Chinese students into its universities. However, the final terms of the deal still await approval from both Trump and Chinese President Xi Jinping. 'Our deal with China is done, subject to final approval with President Xi and me," Trump wrote on Truth Social. 'We are getting a total of 55% tariffs, and China is getting 10%… The relationship is excellent!" Despite this optimistic tone, market experts remain skeptical. 'There are reports of a possible agreement between the US and China. But the Chinese haven't officially confirmed anything," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services. 'Trump is talking about a 55 percent tariff on China and a 10 percent tariff on the US. Given his track record, it's too early to view this as a positive for markets." 3. Global Markets Weaken Amid Risk-Off Mood Global equities extended losses on Thursday, adding pressure to Indian markets as investors grappled with a combination of tepid U.S. inflation data, ongoing trade concerns, and heightened geopolitical tensions. European markets were poised for a subdued start, with futures on Germany's DAX and the UK's FTSE 100 down 0.8% and 0.4%, respectively. U.S. equity futures also indicated a flat-to-negative open, reflecting caution on Wall Street. Across Asia, MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.2%, retreating from a three-year high recorded a day earlier. Japan's Nikkei 225 declined 0.5%, while key indices in China and Hong Kong also pulled back, reversing recent gains. 4. 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