Auto Stocks Lead the Sell-Off

European markets experienced a significant downturn on Friday, with auto stocks at the forefront of the sell-off. Stellantis announced plans to cut nearly 5,400 jobs, a direct response to the increasing pressure from tariffs.

Sharp Losses Across Key Markets

Countries like Italy, Spain, and Switzerland saw particularly sharp declines. Germany’s DAX was not spared, nosediving by 5% during the session, with Deutsche Bank dragging it down by nearly 10%.

Major Indices in Freefall

The Eurostoxx 50 plunged 4.60%, with Unicredit losing 9.58%. France’s CAC 40 dropped 4.01%, and the FTSE 100 fell to its lowest point since March 2020, with Rolls-Royce plummeting 11.66%.

Currency Fluctuations Add to the Turmoil

The euro traded 0.65% lower against the US dollar, while the pound lost 1.31%, highlighting the widespread impact of the tariff turmoil on European markets.