LIVE MARKETS-Tariffs not quite everywhere all at once

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TARIFFS NOT QUITE EVERYWHERE ALL AT ONCE

U.S. tariff worries are weighing on European markets at the index level in early trading, as expected, though some better news has come from an unlikely quarter, China's commerce ministry.

Spirits companies such as Remy Cointreau FCOP.PA and Pernod Ricard PERP.PA initially dropped sharply on news China would impose anti-dumping duties of up to 34.9% on European brandy, primarily cognac, but have since recovered on relief that these duties will not apply to companies that stick to their minimum import price commitment.

But spirit makers are still down a bit, caught up in general U.S. tariff worries as well, which have hit the overall benchmark. The STOXX 600 is down 0.6%.

Also, in a notable milestone, the broad European benchmark is only up 6.5% year to date, that's now less than the S&P 500, which finished Thursday up 6.7% for the year.

Remember all that talk of European outpeformance? It seems it once again the old continent can't complete with U.S. big tech.

(Alun John)

EARLIER LIVE MARKETS POSTS

EUROPE BEFORE THE BELL: TARIFF WORRIES ARE BACK CLICK HERE

MORNING BID EUROPE-MARKET FOCUS SHIFTS TO TRUMP TARIFF COUNTDOWN CLICK HERE