European stocks fell sharply on Monday, continuing a global downturn that began last week after U.S. President Donald Trump announced new tariffs.
The pan-European Stoxx 600 dropped 5.2% by 9:52 a.m. London time, with all sectors showing significant losses. Germany’s DAX index fell 5.6%, recovering from a 10% drop earlier.
Last week, the Stoxx 600 recorded an 8.4% loss, its worst week in five years, second only to the drop at the start of the COVID-19 pandemic in 2020.
Trump’s extensive list of tariffs surprised investors and raised concerns about a potential global trade war, prompting China to implement 34% tariffs on U.S. goods, while the EU promised countermeasures.
On Wall Street, stocks fell sharply last week, with major tech companies losing over $1 trillion in value. U.S. stock futures were lower on Friday as the impact of the tariffs continued.
Source (CNBC)
