European markets open mostly positive as Trump threatens new auto tariffs
European markets opened mostly higher despite renewed trade tensions, as investors monitored geopolitical developments in the Middle East and potential U.S. auto tariffs. Telecom stocks led gains, buoyed by Nokia's surge following a business acquisition, while automakers fell sharply after President Trump threatened new tariffs. Oil prices dipped slightly amid concerns over shipping safety in the Strait of Hormuz.
- ▪The pan-European Stoxx 600 rose 0.1%, with Germany's DAX up 0.1% and Italy's FTSE MIB gaining 0.4%.
- ▪Nokia surged 7% after Inseego announced it would acquire its fixed wireless access business.
- ▪European automakers dropped 1.6% after President Trump said he would raise tariffs on EU cars and trucks to 25%.
- ▪The U.K.'s FTSE 100 was closed for a bank holiday, while oil prices fell, with Brent crude down 0.8% to $107.38 a barrel.
- ▪President Trump unveiled 'Project Freedom' to secure shipping through the Strait of Hormuz, potentially involving 15,000 troops and 100 aircraft.
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LONDON — European markets opened the new trading week in positive territory as investors continue to monitor developments in the Middle East and a potential renewal of transatlantic trade tensions.The pan-European Stoxx 600 was 0.1% higher shortly after 8:00 a.m. in London. France's CAC 40 was down almost 0.1%. Germany's DAX was up 0.1% and the Italian FTSE MIB led the way with a 0.4% gain. The U.K.'s FTSE 100 is closed for the early spring bank holiday.Most regional sectors were in positive territory, with telecoms leading the way, advancing 1.2%.
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