Major European indices are closing sharply lower

The major European indices took a hit on Tuesday, with the German DAX of falling -2.13% France’s CAC -2.69%. For the DAX it was the largest decline going back to August.. For the Cac, it was the largest decline going back to July 2023

Concerns about the implications of Donald Trump’s return to the White House are weighing on economic growth prospects as a tariff war will not help growth. .

Most sectors and major bourses were in the red, with mining stocks leading the losses at around 4%. Technology stocks, however, bucked the trend, inching up 0.04% as the trading day wrapped up in London.

A snapshot of the closing levels shows:

• German Dax -2.13%
• Frances CAC, -2.69%
• UK FTSE 100 -1.22%
• Spain’s Ibex, -1.85%
• Italy’s FTSE MIB, -2.15%

The EURUSD is also under pressure with the price now trading below the 1.0600 level and to a new low for 2024 (the old low was 1.0601). The pair is down -0.54%.

The GBPUSD is the biggest mover with a line -1.10%. The USD is higher vs all the major currencies:

• EUR 0.54%
• GBP 1.10%
• JPY 0.76%
• CHF 0.33%
• CAD 0.19%
• AUD 0.85%
• NZD 0.84%

US stocks are also moving lower with the major indices trading near session lows:

• Dow, -0.58%
• S&P, -0.41%
• Nasdaq -0.33%.

The small cap Russell 2000 is tumbling -1.55% after sniffing the highest close since 2021 yesterday. Not today….

Gold is continuing its run to the downside would they decliner $-25.77 or -0.99% at $2593.86

Bitcoin is also lower today after its run/sprint to the upside stalled just ahead of the natural resistance target at $90,000. The high price reached $89,993. The price is currently down $-1161 and $87,310.

Crude oil is trading just above unchanged and $68.14

This article was written by Greg Michalowski at www.forexlive.com.