LIVE MARKETS-Welcome to Trump 2.0 - European autos, renewables and steelmakers slide
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WELCOME TO TRUMP 2.0 - EUROPEAN AUTOS, RENEWABLES AND STEELMAKERS SLIDE
European shares are retreating after yesterday's brief relief rally, under pressure from uncertainty over what, when and how new U.S. President Donald Trump might impose tariffs. The usual suspects are all flashing red, with autos, basic resources (think: steel), wind turbine makers and beverages all down heavily.
The STOXX 600 .STOXX is narrowly in positive territory, thanks to gains in an assortment of mega-caps including Novo Nordisk NOVOb.CO, up 1.6%, SAP SAPG.DE, up 0.6% and LVMH LVMH.PA, which is up 0.95%. Big percentage gainers include British lender Lloyds LLOY.L, which is up over 4.5% after an FT report that the UK finance minister Rachel Reeves had launched a bid to protect providers of car loans from multi-billion pound payouts in a landmark mis-selling case.
In terms of Trump-related movers, car parts provider Forvia FRVIA.PA was down nearly 2%, while Chrysler maker Stellantis STLAM.MI dropped 1.8%, echoing declines across Japanese carmaker stocks overnight after the new president said he would impose 25% tariffs on Canada and Mexico, keeping alive the concern that European companies could be next.
Shares in renewable energy companies - a bugbear of Trump's - fell, led by declines in Denmark's Orsted ORSTED.CO, which fell nearly 17% after reporting a Q4 impairment charge of $1.69 billion related to its U.S. offshore portfolio. Vestas VWS.CO fell over 5%, while Germany's RWE RWEG.DE dropped 1.8%. Steelmakers ArcelorMittal MT.AS and Voestalpine VOES.AT were down 0.5-1.6%, while aluminium maker Norsk Hydro NHY.OL fell 2.3%.
(Amanda Cooper)
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EARLIER ON LIVE MARKETS:
BEFORE THE BELL: EUROPE HEADS SOUTH, WIND STOCKS EYED CLICK HERE
TRUMP'S BACK, SO IS VOLATILITY CLICK HERE
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