European Markets Plunge as Trade Tensions Escalate

Major European stock markets experienced significant losses on Friday, driven by growing concerns over an impending trade war. The trigger? US President Donald Trump's imposition of tariffs on imports from China, the EU, and Japan, followed by China's swift countermeasures.

Market Reactions Across the Board

The DAX led the downturn with a dramatic 5.04% drop, shedding 1,093 points by midday CET. Not far behind, the S&P 500 and Euro Stoxx 50 saw declines of 4.20% and 4.72%, respectively. The FTSE 100 wasn't spared, plummeting by 4.92%.

Currency Movements Amid the Chaos

While the euro remained stable against the dollar, the pound sterling wasn't as fortunate, losing 0.60% of its value to the greenback.