FX.co ★ European Stocks Decline for 3rd Session

European stocks experienced a downturn for the third consecutive session due to ongoing apprehensions about potential tariffs imposed by the United States. The Eurozone's STOXX 50 index declined by 1% to 5,288, while the pan-European STOXX 600 index decreased by 0.5% to 544. US Treasury Secretary Bessent indicated that White House officials are focusing on finalizing trade agreements that they consider advantageous, rather than prioritizing deals before the August 1st deadline. This approach suggests that the proposed 30% tariffs on the EU might be implemented before negotiations are fully resolved. Defense stocks were among the hardest hit, with companies like Rheinmetall, BAE Systems, and Thales experiencing declines ranging from 1% to 3.5%. This reflects major fund managers' doubts about the long-term viability of the sector's current rally. Technology stocks also faced significant losses, with ASML and Infineon both dropping over 3%. Meanwhile, anticipation grows as SAP and UniCredit prepare to release their earnings reports.