Live Markets: Stoxx set for biggest weekly fall in four months

Davide Campari Milano NV

01/08/2025 09:31

Stoxx 600 down 1%

Trump presses ahead with tariffs

US jobs data due

Wall St futures lower

Welcome to the home for real-time coverage of markets brought to you by Reuters reporters. You can share your thoughts with us at markets.research@thomsonreuters.com.

STOXX SET FOR BIGGEST WEEKLY FALL IN FOUR MONTHS

The Stoxx 600 is down around 1% in the first hour of trading, and 1.7% lower on the week set for its biggest weekly drop since early April.

U.S. tariffs were to blame then and are again today with steep tariffs on dozens of U.S. trading partners weighing on shares globally, though the selloff is far from early April's scare with deals with major trading partners such as Japan and the EU keeping a lid on things.

S&P 500 and Nasdaq futures are down nearly 1%, not helped either by soft results from Amazon after the bell.

In addition, European drugmaker stocks took a hit after U.S. President Donald Trump sent letters to major pharmaceutical firms to cut drug prices in the United States, months after signing a sweeping executive order aimed at lowering prices.

The healthcare index .SXDP is down 1.5% and at its lowest since late April.

Also in the big picture, U.S. non farm payrolls are due at 1230 GMT.

Earnings continue to pour in and Davide Campari CPRI.MI is the biggest gainer in the Stoxx 600 up nearly 7% after it reported an increase in operating profits even if it also warned of a 45 million euro ($51 million) hit from U.S. tariffs to earnings this year.

(Alun John)

*****

EARLIER LIVE MARKETS POSTS:

EUROPE BEFORE THE BELL: TARIFF JOLT  CLICK HERE

MORNING BID: 'TARIFFS - USE THIS VERSION, PLEASE'
CLICK HERE