Europe
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A new transatlantic trade era begins with a 15% tariff. European business leaders face lasting uncertainty as the US and EU strike a high-stakes deal that averts a full trade war but cements tariffs at levels unseen in nearly a century.
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Europe’s small caps surge as Trump’s 30% tariff threat looms. Investors rotate into domestically focused stocks while export-heavy giants slide. Year-to-date gains in smaller firms outpace large caps, driven by tariff fears, a strong euro, and market volatility as negotiations continue.
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EU and US near trade deal with 15% tariffs. The European Union and the United States are finalising a trade agreement imposing 15% tariffs on most EU exports. Exemptions for aircraft and medical devices are under consideration, but key industries remain affected.
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China and the EU clashed on trade and minerals in Beijing. At a shortened one‑day summit, Ursula von der Leyen warned of an “inflection point” in EU–China ties, calling for “rebalancing,” while Xi Jinping urged Europe to make “correct strategic choices” as tariff tensions and minerals dependence took centre stage.
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Stellantis projects a €2.3 billion loss amid global challenges. The automotive giant cites new US trade tariffs, declining European demand, and the cancellation of its hydrogen programme as key factors contributing to the anticipated financial setback.
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Compass Group has acquired Vermaat in a €1.5bn cash deal. The acquisition boosts European exposure, lifts guidance, and signals continued sector consolidation in premium food services.
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The euro has surged 13% this year, unsettling exporters across Europe. A 10% euro rise can trim corporate profits by as much as 3%. Market watchers warn that further gains may prompt action from the ECB as earnings season begins.
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The EU’s eighteenth sanctions package introduces a dynamic oil-price cap. The bloc’s latest measures target Russian oil revenue with a variable price ceiling, new import bans on third-country fuels, and an expanded blacklist of tankers and banks, as markets question the enforcement impact.
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Berlin’s rejection of joint EU debt has deepened division. The German government ruled out new Eurobonds, intensifying the bloc’s budget standoff ahead of a potential US tariff shock.
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Brussels has proposed a new €6.8 billion corporate tax. Less than 48 hours later, political backlash from major EU economies and industry groups has left the levy — designed to help fund the bloc’s next long-term budget — with almost no chance of survival.