European stock markets were in freefall during premarket hours on Monday as investor concerns escalated over the fallout from U.S. President Donald Trump’s reciprocal tariff announcement, set to take effect from April 9. The tariffs have rattled global markets and prompted questions about the European Union’s next move in response.
Italy’s FTSE MIB led the regional declines, plunging 7.44% at 7:44 am ET, followed by Switzerland’s SMI, which tumbled 5.38%. Germany’s DAX dropped sharply by 4.83%, or 1,013 points, while Spain’s IBEX 35 sank 6.33%. France’s CAC 40 was down 2.58%, and the broader Euro Stoxx 50 index declined by 4%.
The UK’s FTSE 100 saw a comparatively modest loss, slipping 0.79% at 7:43 am ET. Currency markets were also active, with the euro rising 0.25% against the U.S. dollar to $1.09910, while the British pound traded at $1.29099.
The sharp declines across European indices come amid broader global market turbulence, with investors fearing a prolonged trade standoff and the potential onset of a global recession. Market watchers are now closely monitoring EU leadership for any retaliatory economic measures or diplomatic engagement ahead of the April 9 tariff implementation.
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