(Reuters) – The main European scholarships evolve in the red Monday at the start of the session, with the exception of London, the commercial fears having been rekindled by the announcement of American customs duties of 30% on the products of the European Union (EU) if an agreement is not concluded by August 1.
In Paris, the CAC 40 lost 0.59% to 7,782.94 points around 07:31 GMT and in Frankfurt, the Dax fell by 0.83%. In London, the only exception among the major stock markets, the FTSE 100 takes 0.20%.
The Eurostoxx 50 index is down 0.77%, the FTSEUROFirst 300 lost 0.38%and the Stoxx 600 gives 0.42%.
President Donald Trump announced on Saturday that he would impose customs duties of 30% on the products imported from the EU from August 1, if no trade agreement is concluded by then, measures which would be added to those that the United States has already imposed or threaten to impose on certain sectors of activity.
The efforts to achieve a trade agreement between Brussels and Washington are therefore more than ever in the sights, the European block having postponed August 1 also the entry into force of its countermeasures, which concern 21 billion euros in American exports, in order to give way to negotiations.
European Commerce Commissioner, Maros Sefcovic, said on Monday that the EU and the United States were close to an agreement that would satisfy the two parties, while warning that customs duties of 30% would amount to virtually reducing trade between the two blocks.
The European automotive sector is in red with commercial fears. Porsche, BMW, Mercedes-Benz, Volkswagen are all down between 1.5 and 2% in Frankfurt. Ferrari, Stellantis and Volvo because are also in negative territory on Monday.
To individual values, Hermès fell 2.1% after Jefferies lowered his recommendation on the value to “keep” against “buy”, citing concerns about the possible excessive dependence of the French luxury group with leather goods.
Valneva takes 11.5% after announcing on Friday the lifting of the temporary EMA restriction on the IXCHIQ vaccine in the elderly.
In London, Astrazeneca advances 2.6%, the laboratory having declared that its medication Baxdrostat has achieved all the objectives of an advanced phase study in patients with uncontrolled hypertension or treatment.
(Written by Diana Mandiá, edited by Augustin Turpin)
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