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Europe open: Shares rally despite tariff threat on EU
(Sharecast News) - European investors shrugged of concerns over the threat of US tariffs on the European Union, sending shares higher. The pan-regional Stoxx 600 index was up 0.17% in early deals at 547.9. Germany's DAX gained 0.14% and Britain's FTSE 100 broke through the 9,000 mark for the first time.
Markets fell on Monday after Trump told the 27-nation bloc that it faced a tariff of 30% despite months of talks. The duty is due to take effect on August 1, and EU officials are rushing to try to secure a trade deal with the US ahead of the deadline.
"Risks are piling up: the risk of global supply chain disruptions, a tariff-led jump in US inflation, pressure on company earnings, an unsustainable surge in G7 debt levels, political risks, geopolitical risks," said Swissquote Bank analyst Ipek Ozkardeskaya
"Even if Trump backs down for now, the measures already in place - coupled with rising borrowing costs - will have real-world consequences sooner rather than later."
Traders are also eyeing reporting season from the big US banks and CPI data later in the day.
In economic news, Ericsson shares fell after the company released its second-quarter earnings.
Accelleron Industries surged after lifting earnings guidance, while UK housebuilder Barratt Redrow plunged as house sales fell short of estimates.
B&M European Value Retail shares plunged 13% after like for like sales missed expectations.
Reporting by Frank Prenesti for Sharecast.com
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