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Europe open: Stoxx falls as firms reveal extent of US tariff hits
(Sharecast News) - European shares fell at the open as major corporate earnings started to reveal the cost of US President Donald Trump's global tariff war. The pan-regional Stoxx 600 index was down 0.28% to 548 in early deals. Germany's DAX declined 0.19%.
Sentiment was hit as German auto makers Mercedes-Benz and Porsche revealed they would take a combined €762m hit from tariffs.
Mercedes-Benz said duties would cost it €362m, while Porsche revealed a €400m impact. Trump imposed tariffs of 27.5% on car imports from the European Union and UK. A new EU trade deal has cut that to 15%, while a separate agreement with the UK will see a 10% tariff on the first 100,000 exports.
In other equity news, Adidas shares slumped as the sportswear maker said US tariffs would add around €200m to second half costs.
HSBC stock fell as the lender posted a fall in profits with a large impairment charge from its stake in China's Bank of Communications.
Chemicals distributor IMCD tanked after releasing results.
Reporting by Frank Prenesti for Sharecast.com
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