Futures for US Stocks Fall as Trade Nerves Increase – Europe Market Wrap
Stocks fell as the fresh tariff news sparked concern among traders, who are also anticipating testimony from Fed Chair Powell and vital US inflation data.
S&P 500 and Nasdaq 100 futures fell after Trump imposed tariffs on steel and aluminium imports into the US. Tumbling mining and travel shares weighed on Europe’s Stoxx 600 index, while an Asian market index fell. The Dollar index maintained its gains from Monday.
The swings highlight how investors are straining to assess the possible impact of Trump’s measures on global trade, corporate profitability, and inflation. The EU said that it will respond to any tariffs imposed by the US, potentially worsening a transatlantic trade dispute.
On the UK front, BoE’s Mann stated that she voted for a significant half-point interest-rate drop at last week’s BoE meeting to “cut through the noise” after seeing additional signs of a slowing economy. The Pound fell before paring the move.
Oil rose from near-record lows this year, as falling Russian output alleviated concerns about a glut. Gold hit a new high above $2,940 an ounce before reversing some of its gains.
[03:16 ET] Germany’s Chancellor Scholz: The EU will respond together against Trump’s trade tariffs.
