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(Sharecast News) - European shares opened lower on Thursday as sentiment was hit by the imposition of tariffs by US President Donald Trump, with automakers taking a hit as levies took effect.
The pan-regional Stoxx 600 index was down 0.19% at 539 in early deals. Germany's DAX, which has jumped in recent days on hopes of higher defence and infrastructure spending by the incoming government, was down almost 1%.
US tariffs of 25% on steel and aluminium imports took effect on Wednesday, leading Canada to impose 25% retaliatory duties on more than $20bn worth of US goods. The European Union also vowed to impose counter-tariffs on 26bn worth of US imports beginning in April.
In equity news, vehicle manufacturers were sharply lower led by Daimler Truck, Volvo, Saab and Iveco. Parts supplier Valeo was also down.
Hugo Boss shares fell as the fashion brand issued a cautious growth forecast for the year, citing "macroeconomic and geopolitical volatility" and continued weakness in China.
Shares in Allegro surged as the Polish e-commerce platform expects its earnings to rise 8%-12% in its home market this year and proposed a share buyback of around 1.4 billion zlotys. Fourth-quarter earnings also beat expectations.
Reporting by Frank Prenesti for Sharecast.com
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