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Global stocks plunge as investors weigh report on US considering new tariffs on the EU and UK


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Global stocks plunge as investors weigh report on US considering new tariffs on the EU and UK

ANDY BUCHANAN/Getty Global stocks fell on Wednesday following a report that the US is set to impose fresh tariffs on European goods, and the number of coronavirus cases around the world continues to surge. Futures tied to US stocks fell between 0.5% and 0.9% and are set to open lower. Europe indexes extended early losses…

GettyImages 1197882794ANDY BUCHANAN/Getty

  • Global stocks fell on Wednesday following a report that the US is set to impose fresh tariffs on European goods, and the number of coronavirus cases around the world continues to surge.
  • Futures tied to US stocks fell between 0.5% and 0.9% and are set to open lower.
  • Europe indexes extended early losses as investors weighed broad transatlantic trade tensions. The pan-continental Euro Stoxx 50 was down 1.8%.
  • Washington’s new threat is “not the kind of thing investors want to hear as they fret over the threat of a COVID-19 second wave,” said Connor Campbell, a financial analyst at SpreadEx.
  • Visit Business Insider’s homepage for more stories.

Global stocks plunged on Wednesday on the prospect of fresh trade tensions between the US and Europe and an uptick in COVID-19 cases around the world.

Futures tied to the S&P 500 fell 0.7% as clusters of new coronavirus infections popped up in certain US states, adding to concerns of a second wave of the virus and new lockdown restrictions on business activity.

Indexes in Europe dropped with the Euro Stoxx 50 down 1.8% and UK’s benchmark FTSE-100 down 2.3%. 

European stocks extended early losses following a Bloomberg report on US plans to slam new tariffs on $3.1 billion of imports from major European economies such as France, Germany, Spain, and the UK. 

This adds to investor concerns over geopolitical trade fights later in the summer. 

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“Just as Trump seemed to momentarily put to bed the market’s fears surrounding the US-China trade situation, the president tweeted that their deal was intact, a situation seems to be about to flare up between the States and Europe,” said Connor Campbell, a financial analyst at SpreadEx.

This new trade tension is “not the kind of thing investors want to hear as they fret over the threat of a COVID-19 second wave,” he said. 

Washington plans to impose new tariffs on European exports including olives, beer, gin and trucks, while simultaneously raising duties on products including aircrafts, cheese, and yogurt, Bloomberg said. 

If formalized, the tariffs could frustrate luxury brands in Europe like Givenchy, Hermes, Remy Cointreau, and Pernod Ricard, the news agency reported.

Read More: Morgan Stanley handpicks 10 stocks to buy now for the richest profits as travel and outdoor activities transform in the post-pandemic world

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Here’s the market roundup as of 11.55 a.m in London (6.55 a.m. ET):

Read More: Dave Portnoy, the poster child of the day-trading boom, told us why he thinks Warren Buffett is ‘past his prime’ and was wrong to ditch airline stocks

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