Tech stocks drag European markets lower after Nvidia sell-off ripples into chip sector.
European markets slipped into negative territory on Friday as regional traders reacted to fresh tariff threats from U.S. President Donald Trump and a sell-off of chipmaker giant Nvidia’s stock.
The pan-European Stoxx 600 index was 0.3% lower at 10:48 a.m. London time, climbing down from heavier losses seen earlier in the session. The French CAC 40 and Germany’s Dax were both down around 0.2%, while London’s FTSE 100 gained 0.2%.
The Stoxx Technology index led regional losses on Friday, with the index shedding 1.1% by 10:51 a.m. London time. Shares of companies in Europe’s semiconductor industry saw losses on Friday morning after Nvidia suffered a major selloff on Wall Street on Thursday that saw $273 billion wiped off of the company’s value. Dutch semiconductor manufacturer BE Semiconductor was down 0.6%, while chipmakers Infineon and ASML both lost around 1.9%.
Regional markets ended Thursday’s session lower after Trump threatened to impose 25% duties on imports from the EU, saying the tariffs would be announced “very soon” and apply to “cars and all other things.”
The president also confirmed on Thursday that sweeping 25% tariffs on goods entering the U.S. from Canada and Mexico would come into effect on March 4, while China will face additional 10% tariffs from that date.
Following talks with U.K. Prime Minister Keir Starmer in Washington on Thursday, Trump hinted that Britain may manage to avoid his tariffs regime.
“I think there’s a very good chance in the case of these two great, friendly countries, I think we could very well end up with a real trade deal where the tariffs wouldn’t be necessary,” the president told reporters at a press conference. “We’ll see.”
Trump added that Starmer had been “working hard” to convince him not to impose tariffs on the U.K. and that he was “very receptive to it.”
Corporate earnings will also remain in focus on Friday, with a slew of European firms poised to report on their finances. Those include Allianz, Sberbank, British Airways owner IAG, Holcim and UCB.
Economic data out of the region on Friday will include German retail sales for January, French inflation figures and an update to Britain’s Nationwide House Price Index.
Source: https://www.cnbc.com/2025/02/28/europe-markets-live-updates-as-earnings-us-tariffs-in-focus.html