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European Equities Close Sharply Lower in Monday Trading as Markets Brace for US Tariffs
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Last updated: 03/31/2025 12:01:45
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Last updated: 03/31/2025 12:01:45
12:01 PM EDT, 03/31/2025 (MT Newswires) -- The European stock markets closed sharply lower in Monday trading as investors brace for impending US tariffs.
The Stoxx Europe 600 dropped 1.47%, Germany's DAX fell 1.33%, the FTSE 100 in London declined 0.88%, France's CAC 40 lost 1.58%, and the Swiss Market Index shed 1.89%.
In Germany, the annual inflation rate for March was an estimated 2.2%, according to the Federal Statistical Office, which also reported that inflation rose an estimated 0.3% on a monthly basis. Annual core inflation, which excludes food and energy, increased an estimated 2.5% in March.
The FSO also reported that preliminary retail sales rose 0.8% in February from January, and that compared with a year earlier, sales grew 4.9% in real terms and 5.9% in nominal terms.
In corporate news, European automotive stocks fell sharply in Monday trading on fears that they will be hit hard by impending U.S. tariffs. Porsche and Volkswagen shares dropped 3.6% and 3.5% respectively in Frankfurt, while tiremaker Continental and BMW shares lost 3.5% and 3.3% respectively. And in Paris, shares of Stellantis and Renault closed 2.2% and 2% lower, while Michelin's stock lost 1.8%.
British pharmaceutical company Astrazeneca said Monday that the European Medicines Agency's Committee for Medicinal Products for Human Use has recommended approval on Calquence, in combination with bendamustine and rituximab, as a treatment for adult patients with previously untreated mantle cell lymphoma.
Finnish telecommunications company Nokia said Monday that it reached a patent agreement with Amazon covering the use of its video technologies in Amazon's streaming services and devices. The company said the deal resolves all ongoing global patent litigation between the two companies.
French pharmaceutical company Sanofi received the US Food and Drug Administration approval for Qfitlia used to prevent bleeding in patients aged at least 12 with hemophilia A or B, according to a statement by the FDA Friday. Qfitlia reduces antithrombin levels to improve blood clotting instead of replacing missing clotting factors, according to the statement.
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