Latest news with #EUROPEAN
Business Times
a day ago
- Business
- Business Times
Europe: Shares fall on healthcare, financials drag; focus on US-EU trade deal
EUROPEAN shares ended lower on Tuesday, dragged down by heavyweight financial and healthcare stocks as investors awaited news on a potential US-EU trade deal while assessing the latest US inflation data. The pan-European Stoxx 600 index closed down 0.37 per cent at 544.95. Most regional indexes declined, with Spain's IBEX falling 1.1 per cent. On Monday, the European Union accused the US of resisting a trade deal and warned of countermeasures if no agreement is reached. US President Donald Trump, meanwhile, said he was open to talks, adding that EU officials would visit the US for trade negotiations. 'What we're seeing here is just a reflection of uncertainty surrounding EU-US trade talks,' said Fiona Cincotta, senior market analyst at City Index. 'That radio silence is just unnerving investors. They want to know that an improvement can be made on (the) 30 per cent (tariff rate).' BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The ZEW economic research institute said German investor morale rose more than expected in July, but economists warned that optimism would vanish without an EU-US trade deal. Across the Atlantic, big banks kicked off the earnings season, with investors closely assessing outlooks and tariff-related uncertainties. JPMorgan Chase raised its 2025 net interest income forecast and beat second-quarter profit estimates. In the euro zone, the banking index slipped 1.1 per cent. Germany's Commerzbank, Italy's Banco BPM and France's Societe Generale each fell more than 2 per cent. Healthcare also lagged, with Danish drugmaker Novo Nordisk sliding 2.3 per cent. Ericsson reported upbeat results but the Swedish telecom equipment maker's shares declined 7.7 per cent after it warned of tariffs crimping its margin growth. Barratt Redrow slid 9.4 per cent after Britain's largest homebuilder reported that home completions missed expectations for fiscal 2025. UK's B&M slumped 9.1 per cent to a more-than-five-year low, after the discount retailer reported higher like-for-like revenue in its domestic business in the first quarter. Curbing losses in the sector, the biggest supplier of computer chip-making equipment ASML climbed 2.7 per cent ahead of its earnings on Wednesday. News on Tuesday that US consumer prices increased by the most in five months in June suggested tariffs were starting to fuel inflation, potentially keeping the Federal Reserve on the sidelines until September. Among other stocks, Orsted gained 8.3 per cent after Morgan Stanley raised its rating on the Danish offshore wind developer to 'overweight' from 'equal weight'. Accelleron rose 8.7 per cent to a record high after the engine components maker increased its revenue forecast for 2025. REUTERS
Business Times
2 days ago
- Automotive
- Business Times
Europe: Shares end lower as Trump's tariff threats keep markets on edge
EUROPEAN shares ended slightly lower on Monday, with tariff-sensitive auto stocks down after US President Donald Trump's latest threat to impose steep tariffs on the European Union, though gains in financials and healthcare kept losses in check. The pan-European Stoxx 600 index closed 0.1 per cent lower at 546.99. Most regional indexes also declined, except for the UK's FTSE 100, which rose 0.6 per cent to an all-time high. A big boost for the FTSE was AstraZeneca, which gained 2 per cent after the drugmaker said its experimental drug baxdrostat significantly lowered blood pressure in a late-stage trial of patients with treatment-resistant hypertension. Stand-out decliners in Europe were autos, with Germany's BMW, Volkswagen and Mercedes-Benz all down around 2% each on the growing tariff worries. The European Union accused Washington of resisting efforts to agree a trade deal and warned of countermeasures if no deal was struck to avoid the 'absolutely unacceptable' tariffs President Donald Trump has threatened to impose from Aug 1. Trump stepped up his trade war on Saturday, saying he would impose a 30 per cent tariff on most imports from the EU next month. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up 'Even if 30 per cent tariffs did take effect, we doubt it would be the last word on the subject, so the market and economic reaction will likely depend on how long a full 30% tariff would be expected to last,' said Simon Wells, chief European economist at HSBC. Shares of US-exposed spirits makers Pernod Ricard and Remy Cointreau fell 1.2 per cent and 3.4 per cent, respectively. Helping limit broader losses, euro zone banks climbed 0.5 per cent, with Italian lenders Banco BPM, BPER Banca and Banca Popolare di Sondrio (BPSO) jumping in the range of 5 per cent to 6 per cent. Germany's Renk gained 4.3 per cent after brokerage Kepler Cheuvreux raised its rating on the defence contractor to 'buy' from 'hold'. At the bottom of the Stoxx stood Sweden's Lifco, slumping 9.3 per cent after the consumer goods conglomerate missed second-quarter pre-tax profit estimates. Looking ahead, European earnings season will kick off this week, with world's biggest supplier of computer chip-making equipment ASML set to report on Wednesday. In the US, top banks including JPMorgan Chase & Co, Goldman Sachs and Morgan Stanley are scheduled to report quarterly earnings throughout the week. Monthly consumer prices data out of the US, UK and the broader euro zone are also due later in the week. European bond markets saw losses on Monday with the yield on the German 30-year note hitting its highest since October 2023. REUTERS
Japan Today
2 days ago
- Business
- Japan Today
EU threatens countermeasures over U.S. tariffs; Trump says he is open to talks
A U.S. flag flutters in front of shipping containers at the Port of Long Beach in Long Beach, California, U.S., July 11, 2025. REUTERS/Daniel Cole By Philip Blenkinsop and David Lawder The European Union on Monday accused the U.S. of resisting efforts to strike a trade deal and warned of countermeasures if no agreement is reached to avoid the punishing tariffs President Donald Trump has threatened to impose starting on August 1. Trump, meanwhile, said he was open to further discussions with the EU and other trading partners before new 30% tariffs kick in next month and that EU officials would be coming to the United States for negotiations. "They would like to do a different kind of a deal and we're always open to talk, including to Europe," he told reporters in the Oval Office. "In fact, they're coming over. They'd like to talk." Trump stepped up his trade war on Saturday, saying he would impose a 30% tariff on most imports from the EU and Mexico next month, following similar warnings for other countries including Asian economic powerhouses Japan and South Korea. The EU has so far held off on retaliatory measures to avoid a spiraling tit-for-tat escalation while there remains a chance of negotiating an improved outcome. But EU ministers emerging from a meeting in Brussels on Monday appeared closer to striking back. Speaking at a news conference following the meeting, Danish Foreign Minister Lars Lokke Rasmussen called the tariff threat "absolutely unacceptable." EU Trade Chief Maros Sefcovic said he believed there was "still a potential to continue the negotiations" but voiced frustration with Washington's failure to agree to a deal with its largest trading partner. "As I said before, it takes two hands to clap," he said, adding that EU member states agreed that the 27-nation bloc would need to take countermeasures if the trade negotiations with the U.S. fail. Italy's Foreign Minister Antonio Tajani earlier said the EU had already prepared a list of tariffs worth 21 billion euros ($24.5 billion) on U.S. goods if the two sides fail to reach a deal. Meanwhile, Mexican President Claudia Sheinbaum said on Monday that she believed the two sides would reach a deal on security ahead of the August 1 deadline. The White House has clarified that the 30% tariffs on Mexico, which Trump has blamed for not doing more to stem the flow of fentanyl into the U.S., would not apply to goods shipped under the USMCA trade agreement, which covers the vast majority of goods shipped from Mexico to the U.S. Sheinbaum said any agreement would not involve U.S. forces entering Mexican territory, as previously floated by Trump. EUROPEAN STOCKS DIP White House economic adviser Kevin Hassett said trade talks were still under way with the European Union, Canada and Mexico. Canada is facing a tariff of 35% starting in August. The threatened duties have sounded alarm bells in Europe, notably in Germany, the EU's biggest economy. After Chancellor Friedrich Merz said on Sunday that a 30% tariff would "hit the German export industry to the core", the head of the German Chamber of Commerce and Industry called for swift action. "The escalating tariff conflict with the USA poses a serious threat to many German companies," Volker Treier said on Monday. "Tough negotiations are now needed to avert a collapse of transatlantic trade." European industries, meanwhile, are preparing for the worst. Producers of Italy's renowned Chianti wine in Tuscany, for example, have demanded a new export strategy backed by the EU targeting alternative markets such as South America, Asia and Africa. Since returning to the White House earlier this year, Trump has sought to use an array of tariffs to boost the U.S. economy, push companies to invest in the United States and revitalize manufacturing. His initial "Liberation Day" tariff announcement in April, which set a baseline tariff of 10% on all imports and higher duties on certain products or countries, raised fears of global supply chain disruptions, sending shockwaves through markets. But subsequent U-turns and delays, including a 90-day pause on most duties aimed at allowing time for trade deal negotiations, have left investors largely inured to Trump's chaotic policy rollouts. European stocks fell on Monday, while U.S. indices were little changed in response to the latest salvo. European autos and alcohol stocks were among those hardest hit. SCRAMBLE FOR DEALS The looming August 1 deadline has set off a scramble by governments around the world to seal trade agreements. South Korea's top trade envoy said on Monday it may be possible to strike a deal "in principle" by the deadline and signaled that Seoul may be open to allowing the U.S. greater access to its agriculture markets, local media reported. Minister for Trade Yeo Han-koo, who held high-level talks with U.S. officials last week, said South Korea was seeking to avoid "unfair" U.S. tariffs on key sectors that would undermine industrial cooperation with its main security ally and trading partner, media reports said. "I believe it's possible to reach an agreement in principle in the U.S. tariff negotiations, and then take some time to negotiate further," the Newsis news agency quoted Yeo as telling local media reporters. "Twenty days are not enough to come up with a perfect treaty that contains every detail," he added. South Korea is in a race to reach a compromise trade pact in the hope of avoiding a 25% tariff slapped on its exports, the same level faced by Japan. © Thomson Reuters 2025.
The Star
3 days ago
- Business
- The Star
EU threatens countermeasures over US tariffs, Trump says he is open to talks
BRUSSELS/WASHINGTON (Reuters) -The European Union on Monday accused the U.S. of resisting efforts to strike a trade deal and warned of countermeasures if no agreement is reached to avoid the punishing tariffs President Donald Trump has threatened to impose starting on August 1. Trump, meanwhile, said he was open to further discussions with the EU and other trading partners before new 30% tariffs kick in next month and that EU officials would be coming to the United States for negotiations. "They would like to do a different kind of a deal and we're always open to talk, including to Europe," he told reporters in the Oval Office. "In fact, they're coming over. They'd like to talk." Trump stepped up his trade war on Saturday, saying he would impose a 30% tariff on most imports from the EU and Mexico next month, following similar warnings for other countries including Asian economic powerhouses Japan and South Korea. The EU has so far held off on retaliatory measures to avoid a spiralling tit-for-tat escalation while there remains a chance of negotiating an improved outcome. But EU ministers emerging from a meeting in Brussels on Monday appeared closer to striking back. Speaking at a news conference following the meeting, Danish Foreign Minister Lars Lokke Rasmussen called the tariff threat "absolutely unacceptable." EU Trade Chief Maros Sefcovic said he believed there was "still a potential to continue the negotiations" but voiced frustration with Washington's failure to agree to a deal with its largest trading partner. "As I said before, it takes two hands to clap," he said, adding that EU member states agreed that the 27-nation bloc would need to take countermeasures if the trade negotiations with the U.S. fail. Italy's Foreign Minister Antonio Tajani earlier said the EU had already prepared a list of tariffs worth 21 billion euros ($24.5 billion) on U.S. goods if the two sides fail to reach a deal. Meanwhile, Mexican President Claudia Sheinbaum said on Monday that she believed the two sides would reach a deal on security ahead of the August 1 deadline. The White House has clarified that the 30% tariffs on Mexico, which Trump has blamed for not doing more to stem the flow of fentanyl into the U.S., would not apply to goods shipped under the USMCA trade agreement, which covers the vast majority of goods shipped from Mexico to the U.S. Sheinbaum said any agreement would not involve U.S. forces entering Mexican territory, as previously floated by Trump. EUROPEAN STOCKS DIP White House economic adviser Kevin Hassett said trade talks were still under way with the European Union, Canada and Mexico. Canada is facing a tariff of 35% starting in August. The threatened duties have sounded alarm bells in Europe, notably in Germany, the EU's biggest economy. After Chancellor Friedrich Merz said on Sunday that a 30% tariff would "hit the German export industry to the core", the head of the German Chamber of Commerce and Industry called for swift action. "The escalating tariff conflict with the USA poses a serious threat to many German companies," Volker Treier said on Monday. "Tough negotiations are now needed to avert a collapse of transatlantic trade." European industries, meanwhile, are preparing for the worst. Producers of Italy's renowned Chianti wine in Tuscany, for example, have demanded a new export strategy backed by the EU targeting alternative markets such as South America, Asia and Africa. Since returning to the White House earlier this year, Trump has sought to use an array of tariffs to boost the U.S. economy, push companies to invest in the United States and revitalise manufacturing. His initial "Liberation Day" tariff announcement in April, which set a baseline tariff of 10% on all imports and higher duties on certain products or countries, raised fears of global supply chain disruptions, sending shockwaves through markets. But subsequent U-turns and delays, including a 90-day pause on most duties aimed at allowing time for trade deal negotiations, have left investors largely inured to Trump's chaotic policy rollouts. European stocks fell on Monday, while U.S. indices were little changed in response to the latest salvo. European autos and alcohol stocks were among those hardest hit. SCRAMBLE FOR DEALS The looming August 1 deadline has set off a scramble by governments around the world to seal trade agreements. South Korea's top trade envoy said on Monday it may be possible to strike a deal "in principle" by the deadline and signalled that Seoul may be open to allowing the U.S. greater access to its agriculture markets, local media reported. Minister for Trade Yeo Han-koo, who held high-level talks with U.S. officials last week, said South Korea was seeking to avoid "unfair" U.S. tariffs on key sectors that would undermine industrial cooperation with its main security ally and trading partner, media reports said. "I believe it's possible to reach an agreement in principle in the U.S. tariff negotiations, and then take some time to negotiate further," the Newsis news agency quoted Yeo as telling local media reporters. "Twenty days are not enough to come up with a perfect treaty that contains every detail," he added. South Korea is in a race to reach a compromise trade pact in the hope of avoiding a 25% tariff slapped on its exports, the same level faced by Japan. (Additional reporting by Charlotte Van Campenhout, Hyunjoo Jin, Milan Strahm, Cristina Carlevaro, Andrea Shalal, Nandita Bose, Brendan O'Boyle, Kylie Madry, John Revill, Andreas Rinke, Wayne Cole and Emma RumneyWriting by Keith Weir and Joseph AxEditing by Joe Bavier and Nick Zieminski)
The Journal
3 days ago
- Business
- The Journal
EU will not hesitate to countertariff US to 'restore balance' in trade relationship
EUROPEAN TRADE COMMISSIONER Maroš Šefčovič has said that the EU will not hesitate to implement harsh countermeasures on the US to 'restore the balance' in the economic relationship between the two countries as Europe seeks to avoid a 30% tariff. EU trade ministers are meeting in Brussels this morning to discuss the ongoing negotiations between the EU and the US to mitigate potential tariffs which President Donald Trump seeks to increase on member states. The ministers will discuss the potential response to the US' latest announcement that a blanket tariff would be increased from an expected baseline of 10% to 30%, which could result in a devastating trade war. Šefčovič, who has been negotiating with his American counterparts on behalf of the EU, said Europe will not allow the US to take such 'unjustified' measures and argued that an escalation of 30% would a breach between the two countries' existing trade agreement. Speaking to reporters this morning, he said: 'We need to make sure that there's unity among the trade ministers on the continuing negotiations or, if necessary, the rebalancing measures which we are putting on the table.' Advertisement Meetings between Šefčovič and his American counterparts will continue today, one week after a deal looked likely. The Slovak politician acknowledged that talks did not succeed last week, but was adamant that a deal would be reached by the new deadline of 1 August. Speaking to RTÉ Radio One's Morning Ireland, European democracy commissioner Michael McGrath said the EU and the US need to cooperate at a time when both economies are competing with China and other developing markets. 'The negotiations continue, and we stand ready to intensify that dialogue. But in the event of that not being successful, and of the 30% tariff threat that was issued by President Trump coming to pass in two-and-a-half weeks time, then the European response will be firm, will be quick and it will be robust,' Ireland's commissioner said. McGrath said that two different scenarios have been planned by the EU, which seeks to target €90bn worth of US exports into European countries. He added that the Commission is seeking to reach a deal. Ireland's EU minister Thomas Byrne will represent the government at today's meeting in Brussels as, closer to home, Tánaiste and trade minister Simon Harris has arranged a number of meetings with European and American counterparts. Over the weekend, Harris said that there was 'no necessity' for the US to escalate the trade row and that it was time for the EU to 'redouble our efforts' to come to a positive outcome. Readers like you are keeping these stories free for everyone... A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation. Learn More Support The Journal
