European Stocks Dip Amid U.S. Tariff Proposals and Corporate News
En resumen
- European stocks declined Wednesday as investors assessed U.S. proposals for tariffs on 60 countries over forced labor goods.
- Akzo Nobel shares plunged 18% on a failed takeover bid, while Inditex reported in-line earnings.
- Trade Representative Jamieson Greer cited an unlevel playing field for American workers.
Resumen generado por IA
European stocks dipped on Wednesday, as investors weighed U.S. proposals for sweeping new tariffs on 60 countries.
Shortly after the opening bell, the pan-European Stoxx 600 index was seen down 0.23%, with sectors and regional bourses painting a mixed picture. The U.K's FTSE 100 opened slightly below the flatline, while France's Cac 40 lost 0.3% and Germany's Dax fell 0.8%.
Akzo Nobel was last trading down 18% after a proposed takeover of the Dulux paint owner by Nippon Paint and Sherwin-Williams fell through.
Akzo Nobel, whose brands include Dulux, had previously rejected a joint cash takeover offer worth 73 euros ($85) per share.
AkzoNobel said at the time that the offer "did not come close" to adequately reflecting its value and long-term prospects, adding that the plan offered "insufficient deal certainty" over the separation of the business, with its shareholders "not adequately safeguarded."
On Wednesday, the company took note of a statement from Nippon Paint and Sherwin-Williams confirming that they were no longer interested in pursuing a public offer.
In other corporate news, Zara owner Inditex updated investors on its fiscal first-quarter earnings on Wednesday.
The Office of the U.S. Trade Representative has floated additional tariffs of up to 12.5% on 60 trading partners over their alleged failure to ban goods made with forced labor. The economies in line to be targeted by the measures include China, the European Union and Japan.
"The failure of our most important trading partners to address the importation of goods made with forced labor is unacceptable. This creates a dynamic where American workers are forced to compete globally on an unlevel playing field," said U.S. Trade Representative Jamieson Greer.
Investors are also continuing to monitor developments in the U.S.-Iran war after tensions escalated overnight, with Washington accusing Tehran of launching fresh attacks despite a ceasefire remaining in place.
Sales at the Spanish retail group grew 5.8% from the previous year, coming in at 8.7 billion euros ($10.1 billion) to meet analysts' expectations. Net profit jumped 5.4% year-on-year to reach 1.38 billion euros, in line with estimates.
Economic data due today includes a Spanish PMI print, Russian unemployment and business confidence figures, and Austrian GDP data.
— CNBC's Anniek Bao contributed to this report.
