2h ago
13.41 CET
European
shares reverse gains as trade war fears escalate
European
stock markets have reversed earlier gains and are now in the red, following the
latest twist in trade wars.
Donald
Trump has threatened a 200% tariff on EU wine, champagne and other alcohol,
unless the EU drops its 50% levy on American whisky – announced yesterday in
retaliation for the US’s new 25% tariff on all steel and aluminium imports. The
EU’s countermeasures are due to come into effect on 1 April.
The UK’s
Dax has fallen 10 points to 8,532 while Germany’s Dax lost 0.86% and the French
and Italian markets are down by about 0.4%.
The euro
has dipped by 0.3%, but stayed near multi-month highs versus the dollar, as
traders are watching the Bundestag debate about Germany’s proposed borrowing
bonanza.
The
dollar is currently 0.1% higher against a basket of major currencies. Sterling
has edged 0.1% lower to $1.2942.
Another
factor is the latest producer price data from the US, which shows a cooling in
price pressures.
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