European stock markets delivered mixed results on Thursday as investors assessed the ongoing uncertainty surrounding U.S. trade tariffs imposed by President Donald Trump.
The Stoxx 600 index rose slightly by 0.15%, while France’s CAC 40 slipped 0.3%. Germany’s DAX and the UK’s FTSE 100 inched up by 0.3% and 0.15%, respectively. Travel stocks underperformed, falling 0.9%, mainly due to a warning from airline Jet2.
Jet2 lowered its earnings before interest and taxes (EBIT) forecast to the bottom end of a £449 million to £496 million range, citing delayed customer bookings that reduce visibility for the rest of the summer.
The airline also plans to cut the number of winter seats on offer while aiming to “maintain attractive pricing.” Its shares dropped over 20% early on, before recovering to a 14% loss by late morning London time.
French pharmaceutical firm Sanofi’s shares fell 10%, with JPMorgan analysts describing recent dermatitis drug trial results as “weaker than expected.”
On the trade front, legal uncertainty deepened after a federal appeals court ruled many of Trump’s tariffs illegal. The president has now asked the Supreme Court to expedite a review, aiming for a decision by early November, a move that could affect global markets.
In the U.S., investors await labour data, with the ADP private payroll report expected to show slower job growth in August and initial jobless claims projected to rise slightly. These figures precede Friday’s key employment report, which will guide market expectations.
Asian markets mostly advanced, supported by a tech rally on Wall Street, although economic concerns continue to dampen sentiment.