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European markets opened lower on Tuesday as global markets buckle amid anxiety that the U.S. economy will suffer because of President Donald Trump's trade tariff policies.
The pan-European Stoxx 600 index was around 0.2% lower shortly after the opening bell, with the U.K.'s FTSE 100 down 0.2%, while France's CAC 40 was up 0.3%, and Germany's DAX was 0.2% higher.
The travel and leisure sector led losses, with healthcare stocks also in negative territory.
Traders will be focusing on earnings from Persimmon, Lego and Leonardo are also set to be released Tuesday.
Volkswagen reported a 15% year-on-year drop in annual operating profit on Tuesday, citing an increase in costs and "extraordinary expenses" in regards to its restructuring plans. The company's shares were up by around 2.5% during early deals.
Novo Nordisk shares down almost 3% after new weight loss drug's trial results disappointed
Danish pharmaceutical giant Novo Nordisk's shares were down 2.9% on Tuesday, after the Ozempic-maker reported disappointing trial results for its latest weight loss drug CagriSema.
The company had on Monday reported that its next-generation weight-loss drug CagriSema helped its obese or overweight adult patients with type 2 diabetes drop 15.7% of their weight after 68 weeks. It had previously forecast that the drug would help patients reduce at least 25% of their weight.
— Sawdah Bhaimiya
Volkswagen posts 15% fall in annual profit amid restructuring
German autos giant Volkswagen reported a 15% year-on-year drop in annual operating profit on Tuesday, citing increasing costs and "extraordinary expenses" associated with its restructuring strategy.
It posted a revenue of 324.7 billion euros ($352.8 billion) in full-year 2024, up from 322.3 billion euros last year. The automaker said it expects sales revenue to exceed the previous year's figure by up to 5% in 2025.
— Chloe Taylor
European markets: Here are the opening calls
European markets are expected to open in mixed territory Tuesday.
The U.K.'s FTSE 100 index is expected to open 9 points higher at 8,606, Germany's DAX up 5 points at 22,613, France's CAC 7 points lower at 8,041 and Italy's FTSE MIB 9 points lower at 38,816, according to data from IG.
Earnings are set to come from Volkswagen, Persimmon, Lego and Leonardo on Tuesday.
— Holly Ellyatt
English (US)