Tesla jumps 15% but European markets retreat on tariff fears
Trader Jonathan Mueller wears a Trump hat as he works on the floor of the New York Stock Exchange. Wall Street marched to record highs on Wednesday. Photograph: Timothy A Clary/AFP
US indexes surged in anticipation of looser regulations and lower corporate taxes in the US, but expectations of higher tariffs under a Trump presidency dented a basket of currencies, including the euro and the pound, as well as European shares. Focus now shifts to the Bank of England’s monetary policy decision on Thursday, where a 0.25 per cent rate cut is widely expected.In Europe, the Dax in Germany fell by 1.13 per cent and in France, the Cac 40 dropped by 0.51 per cent. Shares in European automakers slumped over concern about Trump’s threats to hike tariffs on imported cars.
The president-elect has said he wants to impose a 10 per cent tariff on all non-US goods, and also indicated last month that he was considering targeting German cars.Wall Street marched to record highs on Wednesday and big stock markets around the world surged, while bitcoin also hit an all-time-high and the dollar was set for its biggest one-day jump in four years after Donald Trump was elected president of the United States.
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