LIVE MARKETS-Market update: European shares tumble as Trump takes aim at EU

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MARKET UPDATE: EUROPEAN SHARES TUMBLE AS TRUMP TAKES AIM AT EU

A meandering Friday for European shares has suddenly turned into a rapid freefall after U.S. President Trump said he would recommend a 50% tariff on goods from the European Union.

The STOXX 600 .STOXX, which had been little changed on the day and up slightly for the week before Trump's post, is down about 2%, with major bourses in Britain .FTSE, Germany .GDAXI and France .FCHI all tumbling.

"The European Union, which was formed for the primary purpose of taking advantage of the United States on TRADE, has been very difficult to deal with," Trump said on Truth Social.

Tariff sensitive sectors such as autos .SXAP, technology .SX8P and luxury stocks .STXLUXP have been some of the worst hit. Europe's bank index .SX7P is off 4%.

Here's a quick snapshot:

(Samuel Indyk)

FRIDAY'S OTHER LIVE MARKETS POSTS:

EUROPEAN STOCKS PREFERRED, BUT NOT THE TIME TO ADD RISK - PICTET WM CLICK HERE

GERMAN SPENDING SPLURGE MOVING FURTHER AWAY CLICK HERE

RISING BOND YIELDS: IMPACT ON EQUITIES CLICK HERE

STOXX 600 ADVANCES, HEADS FOR WEEKLY RISE CLICK HERE

BEFORE THE BELL: EUROPE STEADY, EYES ON BOND YIELDS CLICK HERE

BOND MARKETS IN THE DRIVER'S SEAT CLICK HERE