by Diana Mandia

(Reuters)-European scholarships are playing in the red on Friday at mid-session, caution prevailing as July 9 approach the deadline for the conclusion of trade agreements with the United States on customs duties.

Wall Street is closed for Independence Day, the American national holiday, but the term contracts report an opening of the New York Stock Exchange on Monday, with a drop of 0.51% for the Dow Jones, by 0.61% for Standard & Poor’s-500 and 0.6% for the Nasdaq.

The S & P-500 and the NASDAQ signed records on Thursday following the publication of data suggesting resilience of the labor market in the United States.

In Paris, the CAC 40 lost 1.01% to 7,676.56 points around 10:45 a.m. GMT. In Frankfurt, the Dax fell 0.82% and in London, the FTSE 100 yields 0.35%.

The Eurostoxx 50 index drops by 1.15%, the FTSEUROFIRST 300 from 0.75%and the Stoxx 600 of 0.77%.

The 90 -day break on so -called “reciprocal” customs duties granted by US President Donald Trump to give the negotiations time will end next week, and several of Washington’s key partners, including the European Union (EU), have not yet shown signs of progress to an agreement to avoid the dreaded taxation of surcharge.

Brussels requests an immediate price reduction into key sectors in the context of any commercial agreement and the president of the European Commission, Ursula von der Leyen, said Thursday that Brussels was aimed at a “principle” trade agreement with the United States before July 9, but uncertainty continues to reign concerning the concrete progress between the two partners.

“If we consider the EU, customs duties amount to 25% on cars and car spare parts, and 50% on aluminum and steel. It seems that these surcharges will not be lowered during negotiations, which would constitute a negative and traumatic result for the EU,” said Jochen Stanzl, analyst at CMC Markets.

The discussions are also in a standstill with Japan and South Korea, however initially presented by the White House as the countries most likely to sign an agreement on customs duties.

Donald Trump said Washington would begin to send letters on Friday to the countries targeted by customs duties specifying the rates that will be applied, which encourages caution.

The only new sales of the day was the announcement by China of customs duties up to 34.9% on winewater from the EU not respecting their commitments in terms of price. The French group Remy Cointreau described this agreement as “favorable” but Brussels said Friday deplore these measures.

Values ​​in Europe

In the spirits sector, Pernod Ricard and Rémy Cointreau yield approximately 0.2% after the final decision concerning the Beijing survey on wine brandies, mainly French cognac, from the EU. However, the actions of the two groups regain ground compared to the accused reductions at the start of the session. Rémy Cointreau judged the agreement “favorable” and indicated that it would update its annual financial objectives accordingly when it is published in its first quarter results.

Air France-KLM is advancing 0.36% after the group’s announcement of a process by the group to take a majority participation in the capital of the Scandinavian airline SAS.

Stellantis fell 2.2%, the automaker having announced the recall in Europe of diesel vehicles produced between October 2017 and January 2023, due to potential problems linked to the camshaft chain.

Carmat, who announced Thursday evening the launch of a call for tenders for the search for buyers or investors, takes 63%.

The Italian bank BPER is falling by 2.5% after removing its offer on its compatriot Popolare DI SONDRIO.

Rate REMAINS OF THE EURO BOTTOM OBLIGATIONS ARE LOOKING Friday, resumption of the BLOC bond markets continuing after the massive sale of British Gilts on Wednesday.

The yield of the German Bund at ten years fell by almost 3 base points to 2,5530%, as is that of the obligation at two years, which stands at 1.8090%.

Changes

The dollar loses 0.24% in the face of a basket of reference currencies after approval by the Congress of the Donald Trump budget draft, which raises concerns about the increase in American public debt.

The euro earns 0.2% at 1.1779 dollars.

OIL

The oil market is withdrawn after Iran has reaffirmed its commitment to nuclear non-proliferation, while investors anticipate an increase in OPEC+ production at the Cartel meeting which, according to sources, was advanced on Saturday.

Brent loses 0.89% at 68.19 dollars per barrel and light American crude (West Texas Intermediate, WTI) fell 0.85% to 66.43 dollars.

(Written by Diana Mandiá, edited by Blandine Hénault)

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