economy
European stocks close lower with Trump's EU tariff threats, UK election in focus
European equity markets ended lower on Friday, after U.S. President Donald Trump threatened new tariffs on the EU.
TL;DR
- European equity markets finished lower, with the pan-European Stoxx 600 down by almost 0.8%.
- U.S. President Donald Trump threatened "much higher" tariffs against the EU, escalating transatlantic trade tensions.
- Major European bourses in London, Paris, Frankfurt, and Milan closed in negative territory.
- European defense stocks declined as traders monitored events in the Middle East.
- UK local council election results showed significant losses for the Labour and Conservative parties.
- Commerzbank reported a first-quarter operating profit but ended the day 3.9% lower amid a takeover bid defense.
- Yields on U.K. government bonds were lower, and the British pound saw a slight increase against the U.S. dollar.