Dipo Olowookere
By Investors Hub
European stocks rose on Tuesday as investors took the U.S. announcement of a 10 percent tariff on about $200 billion in imports from China in stride.
The tariffs will be set at 10 percent until the year-end, but would increase to 25 percent from January 1st. President Donald Trump also warned that he would pursue tariffs on approximately $267 billion of additional imports if China takes retaliatory action.
China said that the United States has not been “sincere” and it has no choice but to retaliate. The statement, however, gave no timeline or details of the proposed action.
While the U.K.?s FTSE 100 Index is just above the unchanged line, the German DAX Index and the French CAC 40 Index are up by 0.2 percent and 0.3 percent, respectively.
Osram Licht shares have jumped in Frankfurt. The lighting manufacturer announced that it is very well positioned strategically and financially for the technologies and trends of the future.
Chemical group Clariant has also soared after announcing a new partnership with SABIC in the area of high performance materials.
British online supermarket Ocado has also rallied after sales in its latest quarter increased 11.5 percent, in line with the group’s guidance for the full-year.
BBA Aviation has spiked after announcing the acquisition of Firstmark Corp., an aerospace-focused aftermarket service provider, for a consideration of $97 million.
On the other hand, British American Tobacco shares have fallen after Morgan Stanley initiated coverage on the stock with an equalweight rating.
German electronic commerce company Zalando has also slumped. The company cut its 2018 outlook, citing the extended and unusually hot summer period and a delayed switch to the fall/winter season.
