(Sharecast News) - European shares were lower at midday on Thursday with automakers in focus after they became a target in US President Donald Trump's global trade war.
The pan-regional Stoxx 600 index was down 0.38% to 557.52 points after Trump said he would impose a 25% "reciprocal" tariff on European cars and other goods. Germany, home to many car makers, saw its DAX index down 0.7%.

"We have made a decision, and we'll be announcing it very soon, and it'll be 25%, generally speaking, and that'll be on cars, and all of the things."

"The European Union was formed to screw the United States - that's the purpose of it and they've done a good job of it," he said. "But now I'm president."

The EU rejected Trump's claims and said it would "protect our consumers and businesses at every turn. They expect no less from us".

Germany's Porsche, BMW, Volkswagen and Mercedes Benz were all lower along with Volvo and Stellantis.

Wind power producer EDP ​​​​​​Renovaveis ​slumped after the company ​​​​​​​​​​​​​​​​​​​​​​​ posted an unexpected 2024 net loss of €556m, citing one-off charges on projects in Colombia and the US.

Defence and aerospace group Roll-Royce surged after upgrading guidance and hitting earnings targets early.

Reporting by Frank Prenesti for Sharecast.com

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE