LIVE MARKETS-Europe before the bell: shrugging off tariff talk

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EUROPE BEFORE THE BELL: SHRUGGING OFF TARIFF TALK

European equity futures are trading slightly firmer on Monday, even as U.S. President Trump warned of additional tariffs, this time on steel and aluminium imports.

In another major escalation of his trade policy, Trump said both steel and aluminium would be subject to 25% tariffs and that he would announce reciprocal tariffs on Tuesday or Wednesday that would apply to all countries and match the rates levied by each country.

European equity futures are nevertheless higher on Monday. Euro STOXX 50 .STXEc1 are up 0.3%. Futures on the DAX FDXc1, CAC FCEc1 and FTSE FFIc1 are all up about 0.1%.

"Risky assets are getting a bit desensitised to Trump's tariff announcement," says Mohit Kumar, economist at Jefferies.

"Our view in tariffs remain that they will cause volatility, are a negotiating tool and will eventually be not as bad as feared."

Still, Europe's mining and metals sector will be closely watched at the open. On Friday, the STOXX Europe 600 Basic Resources Index .SXPP rose to its highest level in eight weeks.

In corporate news, BP BP.L shares will be in focus after reports that activist investor Elliott Management has built a stake in the company.

Finland's Nokia NOKIA.HE announced Pekka Lundmark will be stepping down as CEO, to be replaced by Justin Hotard, currently the executive vice president and general manager of Data Center & AI Group at Intel INTC.O.

(Samuel Indyk)

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