European shares flat with focus on Trump's tariffs

Reuters02-11

European shares flat with focus on Trump's tariffs

For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window

Feb 11 (Reuters) - European shares were largely unchanged on Tuesday after a record close in the previous session, with investors assessing the risks of an escalating trade war after U.S. President Donald Trump raised tariffs on metals.

The pan-European STOXX 600 index .STOXX was down 0.05% as of 0810 GMT.

Trump raised the U.S. tariff rate on aluminum to 25% from his previous 10% rate.

Basic resources .SXPP fell 1%. European steelmakers, which account for about 15% of imports into the United States, fell. Shares of Thyssenkrupp TKAG.DE and Salzgitter SZGG.DE were down over 1% each.

Travel and leisure .SXTP fell 1.3%, dragged by a 10% drop in Entain ENT.L after the British bookmaker said CEO Gavin Isaacs will step down immediately.

Among other stocks, Kering PRTP.PA jumped 4.6% after the French luxury group reported fourth quarter revenue above expectations.

Federal Reserve Chair Jerome Powell's semiannual monetary policy testimony will begin at 1500 GMT, with investors anticipating his comments on Trump's trade policies and their implications on the U.S. interest rate outlook.

(Reporting by Nikhil Sharma; Editing by Mrigank Dhaniwala)

((Nikhil.Sharma@thomsonreuters.com;))

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