European stock markets opened on Monday with heavy losses. The German DAX briefly fell 10 per cent while in Brussels, the Bel20 lost more than 6 per cent.
US president Donald Trump’s import tariffs continue to cause panic on the financial markets. Following the Asian and Australian stock exchanges, the European markets are also suffering significant losses.
In Brussels, the Bel20 index was down 6.4 per cent after half an hour of trading, with all shares in the red. Syensqo and Umicore were down more than 9 per cent.
In Germany, the most important share index, the DAX, briefly dipped 10 per cent into the red. It later recovered somewhat to a loss of almost 7 per cent.
German defence company Rheinmetall initially lost more than a quarter of its value, before climbing to a loss of 15 per cent. Other European defence companies also saw big losses, having been the best performers this year.
Ministers to meet
EU ministers are due to meet in Luxembourg on Monday to consider the EU’s response and hear about EU Trade commissioner Maroš Šefčovič’s meetings with his US counterparts last week.
The markets remain panicked by the economic consequences of Trump’s tariffs and fear escalation. Beijing retaliated with 34 per cent customs surcharges on US products as of 10 April.
In London, the FTSE 100 index fell by 488 points, or 6 per cent, taking the index to 7566 points, its lowest level since February 2024.
