European markets started Monday's trading session mostly lower as investors digested the latest decision by the United States to impose a 30% duty on the European Union.
While hopes remain alive that an agreement can be reached before the August 1 deadline, Brussels said it is ready to respond if there is no compromise. In other news, the latest data from Switzerland indicated that the country's producer and import prices were virtually unchanged in June.
The DAX dropped 0.98% as Volkswagen slumped 1.72%. The pan-European Euro Stoxx 50 decreased 0.83% and the CAC retreated 0.92% with Hermes International falling 2.75% on both indexes. The FTSE was flat. At 8:59 am CET, the euro ceded 0.22% to the dollar, changing hands at 1.16639 while the pound weakened 0.33% against the same currency to go for 1.34558.
