European Markets Close Deep in the Red Amid Tariff Turmoil

Friday marked a historic downturn for European markets as the ripple effects of escalating tariff wars sent shockwaves across various sectors. The auto industry, in particular, bore the brunt of the sell-off, with Stellantis announcing significant job cuts in response to mounting tariff pressures.

Sharp Declines Across Major Indices

From Italy to Switzerland, no market was spared from the day's brutal sell-off. Germany's DAX and France's CAC 40 were among the hardest hit, with key financial institutions and corporations seeing double-digit percentage drops in their stock values.

Currency Markets Feel the Heat

While the euro reached a five-year high against the Australian dollar earlier in the day, it couldn't maintain its momentum, closing lower against the US dollar. The pound also suffered significant losses, underscoring the day's widespread financial distress.