07:57 AM EDT, 04/09/2025 (MT Newswires) -- European bourses tracked solidly lower midday Wednesday as Beijing and Washington escalated import levies in an unfolding trade war.

China announced it is raising tariff on US products to 84%, after the White House on Tuesday lifted its import levy on China goods to 104%.

Bank, tech, oil and property stocks led broad market declines on European equities markets.

Investors also eyed mixed Wall Street futures, and choppy closes overnight on Asian exchanges.

Key European crude oil prices sank below $60 a barrel on Wednesday for the first time since 2020.

The ongoing trade war and higher tariffs could reduce the Eurozone's gross domestic product growth by 0.25% in 2025, Le Monde reported, citing Bank of France Governor Francois Villeroy de Galhau.

The pan-continental Stoxx Europe 600 Index was down 4% mid-session.

The Stoxx Europe 600 Technology Index was off 4%, and the Stoxx 600 Banks Index lost 4.1%.

The Stoxx Europe 600 Oil and Gas Index was off 5.4%, and the Stoxx 600 Europe Food and Beverage Index declined 2.5%.

The REITE, a European REIT index, fell 4.7%, and the Stoxx Europe 600 Retail Index declined 2.1%.

On the national market indexes, Germany's DAX was down 4.1%, and the FTSE 100 in London was down 3.6%. The CAC 40 in Paris was off 4%, and Spain's IBEX 35 lost 3.3%.

Yields on benchmark 10-year German bonds were little changed near 2.62%.

Front-month North Sea Brent crude-oil futures were down 6.1% at $58.96 per barrel.

The Euro Stoxx 50 volatility index was up 21.7% to 46.58, indicating above-average volatility for European stock markets in the next 30 days, a negative signal. A reading above 20 indicates choppier markets ahead, while below 20 suggests calmer exchanges.

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