LIVE MARKETS-Tariff jitters keep STOXX subdued despite rosy earnings

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TARIFF JITTERS KEEP STOXX SUBDUED DESPITE ROSY EARNINGS

Europe's STOXX 600 .STOXX is down 0.3% though the index is flirting with its tenth straight week of gains even as growing tariff jitters knock sentiment.

Beijing accused the United States on Friday of exerting "tariff pressure and blackmail" after President Donald Trump's latest threat to slap an extra duty of 10% on imports from China.

Trump also said on Thursday that his proposed 25% tariffs on Mexican and Canadian goods will take effect on Tuesday.

On a sector basis, miners are dragging with a basket of basic resources .SXPP stocks off 1.3%. Tech names .SX8P are down 1.4%

French car parts supplier Forvia FRVIA.PA is down 20%. The company released FY 2024 results and said it is drafting an action plan on how to deal with the impact of U.S. tariffs on its Mexican operations, and plans to pass on costs to customers.

Direct peer Valeo VLOF.PA is also down 12%. Valeo CEO Christophe Perillat said on Thursday he saw a marginal impact on earnings from U.S. tariffs on steel and aluminium, while the company would pass on the full costs of trade levies on goods from Mexico, China and Canada to its customers.

Also among the top fallers is Clariant .CLN.S down 9.9% after core profit missed targets.

It's not all gloom in Europe. Construction and materials .SXOP is the best off sector, up 0.5% and pulled higher by Dutch geological data specialist Fugro FUGR.AS which is rising 6.3% after better expected Q4 numbers.

British airways owner IAG .ICAG.L is rising 4.2% after a 27% jump in annual operating profit and announcing a share buyback. Also out with positive numbers is Italian payments group Nexi, up 8.3%, Spanish travel booking software provider Amadeus AMA.MC up 6.7% and British education company Pearson PSON.L, up 4.1%.

(Lucy Raitano)

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