DAX Down Sharply Despite Coming Off Early Lows

RTTNews | hace 71
DAX Down Sharply Despite Coming Off Early Lows

(RTTNews) - German stocks are down sharply Thursday morning due to heavy selling almost across the board as investors react to the U.S. government's announcement of "reciprocal tariffs."

U.S. President Donald Trump announced a 10% baseline on all US imports and a 20% rate for goods from the European Union, with a steeper 25% tariff on imported cars set to take effect immediately.

The much steeper-than-expected tariffs on US trade partners, has heightened concerns over a global trade war that could destabilize major economies.

President of the European Commission, Ursula von der Leyen posted on X that the universal tariffs announced by the U.S. are a major blow to businesses and consumers worldwide. "Europe is prepared to respond. We'll always protect our interests and values. We're also ready to engage," she wrote.

Some Asian countries such as China, Japan and South Korea have reportedly agreed to jointly respond to the U.S. tariffs.

The benchmark DAX, which plunged nearly 570 points to a more than 2-month low of 21,805.77 in early trades, was down 300.39 points or 1.34% at 22,074.71 a little while ago.

Adidas, the biggest loser in the index, is down nearly 10%, as fashion and sportswear industries are likely to be severely hit by steep tariffs.

Commerzbank is declining 5.7% and Deutsche Bank is down 4.3%. Deutsche Post is lower by about 4.1%.

Siemens, Siemens Healthineers, MTU Aero Engines, Infineon Technologies, BASF, Heidelberg Materials and SAP are down 2.3 to 4%.

Porsche Automobil Holding, Continental, Symrise and Allianz are also notably lower.

Vonovia is up nearly 4%. E.ON, Beiersdorf, Fresenius Medical Care, Qiagen, Henkel and Rheinmetall are gaining 1.3 to 2%.

Hannover Rueck, Deutsche Telekom, BMW, Deutsche Boerse, RWE and Bayer are up with moderate gains.

Data from S&P Global said the HCOB Germany Composite PMI for March was revised higher to 51.3 from a preliminary of 50.9 and compared to 50.4 in February. The reading marked the strongest expansion in the private sector in ten months.

The manufacturing PMI came in with a score of 48.3, compared to 46.5 in February, while the service sector PMI moderated slightly to 50.9 in March from 51.1 a month earlier.

read more
Canadian Dollar Higher Amid Rising Oil Prices

Canadian Dollar Higher Amid Rising Oil Prices

The Canadian dollar advanced against its most major counterparts in the New York session on Friday amid a spike in oil prices after Israel launched fresh wave of attacks on Iran.
RTTNews | hace 1h 9min
Swiss Stock Market Heads South On Friday

Swiss Stock Market Heads South On Friday

The Swiss stock market turned lower again on Friday, one day after snapping the two-day slide in which it had given up more than 50 points or 0.4 percent.
RTTNews | hace 3h 8min
U.S. Consumer Sentiment Improves Much More Than Expected In June

U.S. Consumer Sentiment Improves Much More Than Expected In June

Preliminary data released by the University of Michigan on Friday showed a substantial improvement by consumer sentiment in the U.S. in the month of June. The University of Michigan said its consumer sentiment index surged to 60.5 in June after holding at 52.2 in May. Economists had expected the index to rise to 53.5.
RTTNews | hace 6h 36min
CPSC Recalls: 1.2 Mln Anker Power Banks, Hedge Trimmers, High Chairs, Mattresses, Pool Covers

CPSC Recalls: 1.2 Mln Anker Power Banks, Hedge Trimmers, High Chairs, Mattresses, Pool Covers

The U.S. Consumer Product safety Commission or CPSC has announced various recalls including around 1.2 million Anker Power Banks, as well as hedge trimmers, high chairs, mattresses, pool covers and Skywalker Pro Via Ferrata Sets. China- based Anker Innovations Limited has called back about 1.16 million units of power banks citing fire and burn risks, and TTI Outdoor Power Equipment recalled...
RTTNews | hace 6h 58min
FTSE 100 Falls Amidst Israel-Iran Conflict

FTSE 100 Falls Amidst Israel-Iran Conflict

Renewed geopolitical tensions from the Israel-Iran conflict weighed on sentiment for the FTSE 100 benchmark as it shed more than a quarter percent in Friday's trade.
RTTNews | hace 8h 49min
Eurozone Trade Surplus Declines To 3-Month Low

Eurozone Trade Surplus Declines To 3-Month Low

Eurozone trade surplus declined to a three month low in April as demand from the US softened following tariff hikes, official data revealed on Friday. The trade surplus declined to EUR 9.9 billion in April from EUR 37.3 billion in March, Eurostat reported. This was the lowest surplus since January. In the same period last year, the surplus totalled EUR 13.6 billion.
RTTNews | hace 9h 4min
Geopolitical Tensions Drag Down CAC 40

Geopolitical Tensions Drag Down CAC 40

An escalation in geopolitical tensions in the Middle East triggered by the Israel-Iran conflict weighed on market sentiment dragging down the CAC 40. Concerns about the trade dispute between the U.S. also weighed on sentiment.
RTTNews | hace 9h 46min