12:05 PM EDT, 04/09/2025 (MT Newswires) -- European stock markets continued to freefall Wednesday as the Stoxx Europe 600 lost 3.5%, Germany's DAX dropped 3%, the FTSE 100 shed 2.92% in London, France's CAC 40 fell 3.34%, and the Swiss Market Index plunged 4.15%.

The European Union has adopted tariffs that will hit around 21 billion euros ($23.25 billion) worth of US goods in response to the 25% duties President Donald Trump imposed in March on the bloc's steel and aluminum exports, Bloomberg reported Wednesday.

In corporate news, the US administration has revoked licenses for British oil and gas giants BP and Shell's Venezuelan gas projects, which are required for a liquefied natural gas facility in Trinidad and Tobago, the Financial Times reported late Tuesday, citing sources familiar with the matter. The canceled licenses include BP's Cocuina-Manakin and Shell's Dragon projects, which were planned to supply gas to Trinidad and Tobago's Atlantic LNG plant, the report said.

BP and Shell did not immediately respond to MT Newswires' request for comment.

Shares of BP and Shell dropped 6% and 4.3% respectively on the FTSE in London.

Also in London trading, UK sports-fashion retailer JD Sports Fashion closed 10% higher after it reported in its fiscal Q4 and fiscal 2025 trading update that its earnings were in line with its expectations.

KKR is finalizing terms to acquire Swedish consumer health company Karo Healthcare in a transaction that could value the EQT AB-backed firm at more than 2.5 billion euros ($2.7 billion), Bloomberg reported Tuesday, citing people familiar with the matter. Talks are in the final stages but could still be postponed or called off, according to the report. KKR and EQT didn't immediately respond to requests for comment from MT Newswires.

Shares of EQT AB fell nearly 5% on the Nasdaq Stockholm.

Italian oil and gas company Eni's second floating liquefied natural gas project in Mozambique was approved Tuesday, multiple media outlets reported, citing a government statement. Eni did not immediately respond to MT Newswires' request for comment on the matter.

Shares of Eni lost 5.5% in Wednesday trading.

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