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. Healthcare stocks were also in negative territory, after Danish pharmaceutical giant Novo Nordisk’s latest weight loss drug trial results. The pharma giant was down around 2.62% in early trading, while Swiss pharma company Novartis also shed around 3.6%.
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.