JPM sees positives for European gold miners, urges caution on steel makers

Galantas Gold

03/04/2025 15:05

** J.P. Morgan says U.S. tariffs could hit European metal companies in disparate ways - remains bullish on gold miners, selective on copper and cautious on steel makers

** According to JPM, "if sustained" newly announced U.S. tariffs "would likely push the US economy into recession this year"

** Gold companies are set to benefit from this "heightened macro and geopolitical uncertainty", the broker says, citing calculations that gold prices cold rise another 30%

** According to JPM, there are selective entry points for copper miners

** European steel would be hit harder, "as it is more directly exposed to sectors that are negatively impacted by US tariffs, specifically Autos," it says

** Shares in Aperam APAM.AS, ArcelorMittal MT.AS, Acerinox ACX.MC, Outokumpu OUT1V.HE, SSAB SSABa.ST are down between 5.1% and 9.5%

 (Reporting by Javi West Larrañaga in Gdansk)

 ((javier.west@thomsonreuters.com; +48 58 769 65 76))