Europe open: Stoxx lower as China retaliates against Trump tariffs

(Sharecast News) - European stocks were unimpressed with the 30-day pause on US President Donald Trump's planned tariffs on Canada and Mexico and started Tuesday's session in negative territory after China unveiled retaliatory moves against its trading rival.

The pan-regional Stoxx was initially called to be higher but instead slipped 0.3% to 533.26 in early deals. Germany's DAX was up 0.07% France's CAC-40 was 0.14% lower

Markets fell sharply on Monday as the Trump's tariff rampage spooked investors, with the decision to impose trade tariffs on Canada, Mexico and China exacerbated by a threat to extend to the policy to the European Union and Britain.

However, jitters seemed to have eased when Trump announced a 30-day pause on his plans for Mexico and then Canada after both countries agreed to take steps toward preventing the trafficking of the opioid fentanyl into the US.

China, however, retaliated with tariffs of its own, with a 10% levy on American crude oil, agricultural machinery, large-displacement cars and pickup trucks. There will also be 15% tariffs on coal and liquefied natural gas, as well as an investigation into Google.

In equity news, Bavarian Nordic slumped after annual results published on Monday.

Infineon Technologies surged after the German chipmaker's first-quarter revenue beat analyst estimates.

Vodafone fell after the fall in German sales worsened in the third quarter, despite better regional performances in Turkey, Africa and the UK.

Reporting by Frank Prenesti for Sharecast.com