Shares in shipping and logistics providers came under heavy selling pressure as investors digested news of a possible cease-fire between Israel and Hamas, which could see merchant vessels return to the Red Sea and send freight rates sharply lower.
Investors are used to worrying about an invasion of Chinese electric vehicles into Europe, but tit-for-tat tariffs would instead hit Porsches heading to China.
The euro’s move against the dollar in advance of and since the European Central Bank’s decision to lower its key rate have been too small to have an impact on inflation in the eurozone, ECB Chief Economist Philip Lane said.
