Global Trade Tensions Escalate

As President Donald Trump's new tariffs on Canada, China, and Mexico come into effect, major European markets have opened lower, sparking fears of a global trade war. The tariffs include a 25% duty on goods from Canada and Mexico, alongside an increase in tariffs on Chinese goods from 10% to 20%.

Market Reaction

By 9:02 am CET, the FTSE 100 had declined by 0.64%, with BP leading the drop at 3.90%. Shortly after, the CAC 40 fell by 0.98%, and Stellantis shares decreased by 3.33%.

Currency Impact

At 8:58 am CET, the euro and the British pound remained stable against the dollar, trading at $1.04921 and $1.27043, respectively.

More updates to follow as the situation develops...