Autos stocks fall after Tesla selloff
Technicians work in the assembly line of German carmaker Volkswagen’s electric ID. 3 car, during a media tour, in Dresden, Germany, May 14, 2025.
Matthias Rietschel | Reuters
The European Stoxx Automobiles and Parts index is 0.5% lower in early trade, after electric vehicle behemoth Tesla saw $152 billion wiped from its market cap in the wake of CEO Elon Musk’s public spat with U.S. President Donald Trump.
The sector has already seen volatile trade this week, as investors reacted to Trump doubling tariffs on steel to 50%.
BMW is currently 1% lower, while Volkswagen shares are 0.9% lower and Stellantis is down 0.8%.
— Chloe Taylor
Stocks struggling for gains at the open
Europe’s Stoxx 600 index is fractionally higher at 8:17 a.m. London time, up around 0.02%, coming off the back of three positive sessions.
The U.K.’s FTSE 100 is leading the way with a 0.15% rise as oil and gas stocks advance amid higher crude prices, though Germany’s DAX and France’s CAC 40 are down 0.2% and 0.1%, respectively.
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Stoxx 600 index.
Trump-Musk feud explodes
U.S. President-elect Donald Trump greets Elon Musk as he arrives to attend a viewing of the launch of the sixth test flight of the SpaceX Starship rocket on November 19, 2024 in Brownsville, Texas.
Brandon Bell | Getty Images News | Getty Images
Opening calls
Good morning from London.
European stocks look set to turn lower in the last trading session of the week, as investors around the world await more key data for clues on the shape of the U.S. economy.
FTSE 100 futures are currently 0.1% lower, while futures tied to the French CAC 40 and Germany’s DAX are down by 0.4% and 0.1%, respectively.
Regional stocks ended Thursday’s session higher after the European Central Bank trimmed interest rates in a widely anticipated move.
U.S. nonfarm payrolls data is due to be published later on Friday, with economists expecting a contraction in jobs from the previous month.
Trade tensions are also still in focus for global investors after U.S. President Donald Trump spoke with his Chinese counterpart Xi Jinping on Thursday. Trump said the 90-minute call was “very good” and “almost entirely” focused on trade.
— Chloe Taylor
What’s happening outside of Europe?
Overnight in Asia, stocks have been trading in mixed territory as investors digest the news that Trump and Xi held what the U.S. President described as a “very good” call.
On Wall Street, U.S. stock futures are trading higher ahead of May’s nonfarm payrolls data.
— Chloe Taylor