BRUSSELS (dpa-AFX) - German stocks are down sharply Monday morning, hurt by weakness in global markets following the Trump administration imposing punitive tariffs on Canada, Mexico and China, and threatening to levy tariffs on the EU and UK as well.
The Trump administration's 25% tariffs on Canada and Mexico came into force on Saturday (February 1). Canadian energy faces a 10% tariff as do Chinese goods, effective Wednesday (February 5).
The benchmark DAX, which tumbled to 21,258.00, was down 381.69 points or 1.76% at 21,329.74 a little while ago.
Daimler Truck Holding is down 6.2%. Volkswagen is declining 5.6%, while Mercedes-Benz, Continental, BMW and Porsche are down 4 to 4.5%.
BASF, Siemens Energy, Puma, Deutsche Boerse, Infineon, Siemens, Bayer, Zalando, Deutsche Bank, Brenntag, SAP, Adidas, Commerzbank, Siemens Healthineers and Sartorius are down 1.5 to 4%.
Rheinmetall is bucking the trend and moving higher by over 2.5%. Deutsche Telekom is advancing nearly 1%.
Data from S&P Global showed that the manufacturing PMI in Germany increased to 45 points in January from 42.50 points in December of 2024.
Euro area manufacturing PMI and flash CPI data for the region are awaited later in the day.
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