European stock markets started the week with a sharp drop, and the most significant decline was recorded on the German DAX index. The FTSE 100 index in Britain fell by 4.88% to 7,662.25 points, while the French CAC 40 fell by 6.33% to 6,814.55 points. The German DAX declined by 6.62%, reaching 19,334.25 points. During trading, it temporarily dropped by more than 8%, dropping below 19,000 points for the first time since autumn. The French CAC 40 suffered due to the fall in shares of the luxury segment: Kering fell by 9.27%, L'Oreal – by 5.85%, Louis Vuitton – by 6.67%, Hermes – by 7.44%. The German DAX fell due to the automotive sector: BMW shares fell by 4.69%, Mercedes-Benz – by 4.38%, Volkswagen – by 5.77%. The European banking sector also felt the pressure. HSBC shares fell by 3.49%, Barclays – by 7%, UniCredit – by 6.45%, Commerzbank – by 6.47%. The situation was aggravated by the US decision to impose «reciprocal» trade duties. President Donald Trump signed a decree setting the base rate at 10% for imports, but for the EU it rose to 20%. The tariffs were calculated taking into account the US trade deficit with specific countries in order to achieve a balance.
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