Brussels – Saba:
European stocks closed slightly lower on Monday, weighed down by declines in automakers after US President Donald Trump's comments about imposing high tariffs on the European Union. However, gains in the financial and healthcare sectors limited these losses.
The pan-European STOXX 600 index closed down 0.1 percent, while most major indices in the region also declined, with the exception of the UK's FTSE 100, which rose 0.6 percent, largely supported by AstraZeneca's 2 percent jump.
The European auto sub-index declined significantly, with shares of major German companies such as BMW, Volkswagen, and Mercedes-Benz falling by around 2 percent each due to growing concerns about tariffs.
The European Union accused the United States of failing to respond to efforts to reach a trade agreement, vowing to retaliate if an agreement is not reached that avoids the "totally unacceptable" tariffs that Trump said he would impose starting August 1.
On the other hand, losses were limited by a 0.5 percent rise in the eurozone banking sub-index.
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