European Markets React to Global Trade Uncertainties

On Friday, major European markets experienced a downturn, reflecting the global economic uncertainty fueled by ongoing trade wars among major economies. The Swiss National Bank responded by cutting interest rates by 25 basis points, while the Bank of England and Sweden's Riksbank chose to maintain their current rates, citing increased uncertainties around global trade and tariffs.

Heathrow Airport Closure Adds to the Turmoil

Adding to the day's challenges, Heathrow Airport remained closed following a massive fire at a nearby substation that caused a power outage. This incident led major airlines to cancel or divert flights, further complicating the situation for travelers and the aviation industry.

Market Performance Overview

At 9:04 am ET, the CAC 40 fell by 0.95%, with STMicroelectronics seeing a significant decrease of 3.87%. The FTSE 100 also declined by 0.30%, as JD Sports Fashion dropped by 3.08%. The pan-European Euro Stoxx 50 edged down by 0.43%, with Deutsche Post leading the losses, trading 2.18% lower. The DAX lost 0.34%, with Siemens Healthineers down by 2.61%.

Currency Market Movements

In the currency markets, at 8:59 am CET, the euro was down by 0.14% against the dollar, selling for $1.08385. Simultaneously, the pound fell by 0.23%, going to $1.29375.