European stock markets edged lower in premarket trading on Wednesday, as investor sentiment weakened following the start of sweeping US tariffs on imports from multiple countries. The measures, which include a 104% duty on Chinese goods, took effect just after midnight. Markets also reacted to President Donald Trump's remarks hinting at major new tariffs on pharmaceuticals.
At 8:00 am CET, the DAX sank by 3.74% and the FTSE 100 dipped by 3.18%. Simultaneously, the CAC 40 lost 1.87%, while the Euro Stoxx 50 slid 3.84%. Switzerland's SMI lost 3.49%, Italy's FTSE MIB fell by 3.85% and Spain's IBEX 35 traded in red territory, going down 1.73%.
The euro traded 0.91% higher against the dollar, selling for $1.10584 at 7:58 am CET. At the same time, the pound gained 0.56% compared to the greenback to go for $1.28371.
