European shares dropped on Friday after President Donald Trump intensified tariff threats against the EU, casting doubt on trade talks and dampening investor confidence.
The pan-European STOXX 600 index fell 0.7% to 548.98 points by mid-morning but remained on course for a weekly gain. Germany’s DAX declined 0.9%, France’s CAC 40 lost 0.8%, Spain’s IBEX dropped 0.6%, and the UK’s FTSE slipped 0.3% after briefly hitting a record high.
The drop followed Trump’s announcement of a 35% tariff on Canadian imports from 1 August, alongside warnings of a 15–20% tariff hike for other countries, including the EU. He also suggested a formal notice on EU tariffs could arrive by Friday, shaking hopes of a constructive deal.
"The recent DAX rally was built on expectations of better trade ties with the U.S., but this development challenges that optimism," said Jochen Stanzl of CMC Markets.
European banks led losses, with the banking index down 1.3%. Norway’s DNB fell 7.8% after disappointing earnings, while energy stocks gained 0.4% as BP reported strong Q2 output. Gjensidige rose 5.8% and Storebrand climbed 3.5% after strong earnings.
ECB’s Isabel Schnabel, meanwhile, noted that another rate cut is unlikely in the near term, citing resilient euro zone growth and stable inflation at 2%.
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Ukrainian and Russian negotiators began the second round of U.S.-brokered talks in Abu Dhabi on Wednesday (4 February).
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Rivers and reservoirs across Spain and Portugal were on the verge of overflowing on Wednesday as a new weather front pounded the Iberian peninsula, compounding damage from last week's Storm Kristin.
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Iran’s Islamic Revolutionary Guard Corps (IRGC) unveiled a new underground ballistic missile base on Wednesday (4 February), just over a day before the start of mediated nuclear negotiations with the United States, slated for Friday in Oman.
Ukrainian President Volodymyr Zelenskyy accused Russia on Tuesday (3 February) of exploiting a U.S.-backed energy ceasefire to stockpile weapons and launch large-scale drone and missile attacks on Ukraine ahead of peace talks.
Wall Street ended sharply lower on Tuesday as investors worried about artificial intelligence (AI) creating more competition for software makers, keeping them on edge ahead of quarterly reports from Alphabet and Amazon later this week.
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The S&P 500 edged to a record closing high on Tuesday, marking its fifth consecutive day of gains, as strong advances in technology stocks offset a sharp selloff in healthcare shares and a mixed batch of corporate earnings.
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