European stocks flounder as tariff worries resurface
- STOXX 600 down 0.5%
- EU set to receive Trump tariff letter
- Trump puts 35% tariff on Canada
- UK economy shrinks in May
- Wall St futures lower
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EUROPEAN STOCKS FLOUNDER AS TARIFF WORRIES RESURFACE
Most major European markets are a touch softer on Friday but were still set for decent weekly gains as markets await news on U.S. tariffs with the European Union.
Trump on Thursday said the bloc could receive a letter detailing tariff rates by Friday.
That has sent the STOXX 600 .STOXX lower by around 0.5% on Friday, but it is still up 1.7% for the week and within 2.7% of its intraday record from March.
Germany's DAX .GDAXI, which traded at a record on Thursday, is down 0.6%, while France's CAC40 .FCHI is down a similar amount. Britain's FTSE .FTSE, which also traded at a record this week, is off about 0.1%.
BP BP.L shares are up 2.2% after Britain's no.2 energy company said its upstream production was higher than forecast in Q2. That's helping lift the energy sector .SXEP to a 2-1/2 week high.
Banking stocks .SX7P underperform, down 1%, after hitting their highest level in almost 17 years earlier this week.
Here's your opening snapshot:
(Samuel Indyk)
EARLIER LIVE MARKETS POSTS:
EUROPE BEFORE THE BELL: FUTURES WOBBLE ON NEW TARIFF THREATS CLICK HERE
NEW TARIFF DRAMA JOLTS COMPLACENT MARKETS CLICK HERE
European stocks fall as markets await EU tariff details
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