European Stock Markets Experience Sharp Declines

Premarket trading on Monday saw significant drops across major European stock indexes. Investors are closely watching the EU leaders' response to the recent announcement of reciprocal tariffs by United States President Donald Trump, set to take effect on April 9.

Index Performance Highlights

Germany's DAX took a notable hit, plunging 4.83% or 1,013 points by 7:42 am ET. The British FTSE 100 wasn't spared, slipping by 0.79% shortly after. France's CAC 40 and the Euro Stoxx 50 also saw declines of 2.58% and 4%, respectively, around the same time. Italy's FTSE MIB experienced the steepest fall, plummeting by 7.44%, with Switzerland's SMI and Spain's IBEX 35 following suit with losses of 5.38% and 6.33%.

Currency Movements

Amid the market turmoil, the euro showed slight strength against the dollar, trading 0.25% higher at $1.09910. The British pound also saw movement, last recorded at $1.29099 against the dollar.