European Markets Close Deep in the Red

European markets experienced significant losses on Friday, as the ongoing tariff disputes continued to impact various sectors. Auto stocks were among the hardest hit, with Stellantis announcing plans to cut nearly 5,400 jobs in response to increasing tariff pressures.

Sharp Losses Across Major Indices

Italy, Spain, and Switzerland saw particularly sharp declines, while Germany's DAX index nosedived by 5% during the session. The DAX closed down 4.81%, dragged lower by Deutsche Bank's 9.77% drop. The Eurostoxx 50 plunged 4.60%, with Unicredit losing 9.58%. France's CAC 40 dropped 4.01%, with Societe Generale as the worst performer, falling 10.45%. The FTSE 100 lost 4.86%, as Rolls-Royce plunged 11.66%.

Currency Movements Amid Market Turmoil

The euro, which hit a 5-year high against the Australian dollar earlier in the day, traded 0.65% lower against the US dollar, settling at 1.09854 by 5:31 pm CET. Meanwhile, the pound lost 1.31%, trading at 1.29355 at the same time.