European Stocks Show Significant Losses, DAX Drops By 1.21%
European shares plummeted today, after US authorities unveiled a new list of Chinese products on which tariffs can be introduced. The German DAX stock index is trading at 12.457 level, having lost another 1.21%.
Trump administration announced its intention to introduce an additional 10% duty on Chinese goods worth $200 billion following the introduction last week of duties on Chinese machinery and equipment, parts and electronics worth $34 billion. It is also planned to introduce duties on electronic and other components worth $16 billion. After reports of the introduction of new fees by US, Beijing stated that new measures by Washington are completely unacceptable.
Today, the US will release inflation reports, with US PPI and Core PPI both expected to soften to 0.2%. Tomorrow, Germany will announce Final CPI and the ECB publish its minutes from the June policy meeting.