ADVERTISEMENTEuropean markets opened in the red on Monday morning as US President Donald Trump reiterated his commitment to eliminating US trade deficits—particularly with China—while denying any intention to fuel market turmoil.
As of 10:39 CET, France’s CAC 40 was down 5.11% at 6,904.64 points, Germany’s DAX was down 5.63% at 19,486.93 points, while the FTSE 100 fell 4.74% to 7,668.92 points.
“The bloodbath is in full swing, and that’s exactly what you see when you look at the European markets. There is no safe haven; equity markets have entered a complete free-fall with no clear bottom in sight. The reason we say there is no bottom yet is that none of the underlying fundamentals suggest that the trade war is coming to an end. In fact, in many ways, it appears the conflict has only just begun. Market participants are not fully aware of the true extent of the damage, as current pricing is based almost entirely on estimations and assumptions,” Zaye Capital Markets said in a note sent to Euronews on Monday morning.
