--- title: "European Midday Briefing : Shares Fall as Trade Uncertainty Rises" description: "European shares fell on Monday due to global trade uncertainty and U.S.-Iran negotiations. Investors are reacting to the Supreme Court's decision to overturn most of Trump's tariffs, leading to a temp" type: "news" locale: "en" url: "https://longbridge.com/en/news/276587193.md" published_at: "2026-02-23T10:21:49.000Z" --- # European Midday Briefing : Shares Fall as Trade Uncertainty Rises > European shares fell on Monday due to global trade uncertainty and U.S.-Iran negotiations. Investors are reacting to the Supreme Court's decision to overturn most of Trump's tariffs, leading to a temporary global tariff of 15%. The Ifo Institute reported improved confidence among German businesses, while upcoming economic data releases are anticipated in the eurozone. Precious metal miners in London saw gains as gold prices rose amid geopolitical uncertainty. Enel announced increased spending and shareholder returns under a new strategic plan, while Johnson Matthey reduced the sale price of its catalysts unit to Honeywell. MARKET WRAPS Stocks: European shares fell on Monday as global trade uncertainty and U.S.-Iran negotiations continue to keep markets on edge. Investors are weighing the implications of the Supreme Court's decision to overturn most of President Trump's tariffs . Trump has imposed a temporary flat global tariff of 15% in response to the ruling. "One takeaway is probably that the EU will not get any worse a trade deal than it already has, and one that European exporters have learnt to live with, " ING said. Meanwhile, another round of negotiations between the U.S. and Iran are scheduled for Thursday in Geneva, Oman's Foreign Minister Badr bin Hamad al-Busaidi said in a post on X. Economic Insight It's a busy week in data in the eurozone, rich in releases of business and consumer surveys. On Monday, the Ifo Institute business-climate index showed confidence among German businesses picked up in February as the rollout of government stimulus gathered steam. The French business survey for February is due on Tuesday, Germany's GfK consumer climate survey and France's consumer confidence surveys on Wednesday, Italian and eurozone business and consumer surveys on Thursday, and the European Central Bank's consumer expectations survey on Friday. In the U.K., the economic calendar is light in the coming week . Still, investors will continue to watch any data closely amid increasing prospects of the Bank of England cutting interest rates in March following recent weak jobs data. Shares on the rise London's precious metal miners rose in opening trade as gold and silver prices increase on trade and geopolitical uncertainty. U.S. Markets: Stock futures were lower on Monday as tariffs uncertainty hit the markets. However, U.S. economic data will continue to be watched as investors try to gauge the timing of the next interest-rate cut. Trump's State of the Union address Tuesday will also capture attention. Forex: The euro rose against the dollar. The dollar stayed under pressure after the Supreme Court tariffs ruling. Bonds: Yields on eurozone government bonds inched lower , tracking moves in Treasurys amid uncertainty over tariff policies. German government bond yields turn steady, erasing earlier falls, after the German Ifo business sentiment survey exceeded expectations. Treasurys yields edged slightly lower. There are risks of a steeper U.S. yield curve and of Treasurys underperforming Bunds, Commerzbank said. Energy: Oil prices fell in early trading on news that the U.S. and Iran are set to hold another round of nuclear talks . A potential U.S. strike on Iran was likely to have limited impact on oil prices, according to Morningstar. The global surplus would remain intact and any price action would be due to the geopolitical premium, it added. Gas European natural gas futures fell in early trading as signs of improving supply offset earlier support from Middle East tensions. Metals: Gold prices climbed above $5,100 on a softer dollar and growing global trade uncertainty. The precious metal's bullish structure strengthens , based on technical analysis, Pepperstone said. If buying pressure persists, resistance may emerge near $5,200/oz. Base metals Base metal prices slipped in early trading as uncertainty over U.S. tariffs clouds the outlook. EMEA HEADLINES German Business Sentiment Picks Up Confidence among German businesses picked up in February as the rollout of government stimulus gathers steam. The Munich-based Ifo Institute said Monday that its business-climate index, based on around 9,000 monthly responses from businesses, rose to 88.6 in the month, up from 87.6 in January. Enel to Increase Spending, Shareholder Returns Under 2028 Plan Enel said it would increase spending across its business and target higher shareholder returns under a new three-year strategic plan. The Rome-based energy company set out its goals through 2028 on Monday, including plans to increase gross total capital expenditure to around 53 billion euros ($62.45 billion). This marks a roughly 10 billion-euro increase on the previous three-year strategic plan that ran to the end of 2027. Johnson Matthey Lowers Price of Unit Being Sold to Honeywell to $1.8 Billion Johnson Matthey cut the price of the catalysts technologies unit that it is selling to U.S. industrials conglomerate Honeywell International by more than a quarter and extended the deadline for the closure of the deal. The British platinum refiner will now sell the business, which designs and produces catalysts for the chemicals and energy industries, to Honeywell for 1.325 billion pounds ($1.79 billion) in cash on a debt-free basis, the companies said Monday. Dassault Systemes Co-Founder Steps Down Dassault Systemes said that Chief Executive Pascal Daloz would replace co-founder Bernard Charles as executive chairman. The French software company said on Saturday that Charles would leave his positions on the board and was stepping down as executive chairman for personal reasons. GLOBAL NEWS Tariffs Are a Wild Card for the Economy Again Before Friday, President Trump's tariffs, after months of on-again, off-again turbulence, had seemed to finally steady. Now, with the bulk of Trump's tariffs struck down by the Supreme Court, and a new, temporary global tariff in place, fresh questions hang over the U.S. economy. Will Trump's new 15% tariff meaningfully change trade flows and business operations? German Business Sentiment Picks Up Confidence among German businesses picked up in February as the rollout of government stimulus gathers steam. The Munich-based Ifo Institute said Monday that its business-climate index, based on around 9,000 monthly responses from businesses, rose to 88.6 in the month, up from 87.6 in January. The Fundraising Tactic AI Startups Are Using to Juice Valuations AI startup Serval closed a private deal with venture-capital giant Sequoia in December that valued it at less than $400 million. Days later, Serval announced a new milestone from another funding round. This time, its valuation had topped $1 billion, giving it Silicon Valley's coveted "unicorn" status. Mexico Takes on Cartels as Killing of Drug Kingpin Sparks Violence MEXICO CITY-Mexico's military killed the country's most powerful drug kingpin, Nemesio "Mencho" Oseguera, escalating the government's war against cartels amid pressure from President Trump to curb narcotics trafficking and sparking a widespread, violent gang response. Oseguera, a former Mexican police officer, was the leader of the Jalisco New Generation Cartel. The cartel also controls vast fuel-smuggling schemes and other underworld rackets across Mexico and the U.S., Mexican authorities said. Gunmen Wreak Chaos in Mexican Coastal Retreat After Cartel Killing It was a typical quiet Sunday morning in the Pacific coast city of Puerto Vallarta-until the gunfire rang out. Jim Vawter, a 76-year-old Iowan who is one of thousands of American retirees living in Puerto Vallarta, was lounging with a coffee at the Bean and Brick cafe when a commotion erupted at 9 a.m. in the street outside. Iran's Student Protesters Clash With Regime Loyalists Students at universities across Tehran clashed with pro-regime demonstrators on Sunday, as anger over a brutal government crackdown spilled onto university campuses for a second straight day in a sign of rising unrest. Verified footage showed students chanting slogans on Sunday commemorating those killed and calling for the fall of the regime were met by opposing demonstrations, the pro-regime Fars and Mehr news agencies reported, with the two sides scuffling at some locations. Under Trump Pressure, Iran Finds Its Friends Are of Little Help Iran has sought for years to build closer military ties with China and Russia, but its powerful friends are proving reluctant to step forward as the regime faces the most acute U.S. threat to its survival in decades. Russia and Iran conducted small-scale joint naval training in the Gulf of Oman this past week, a show of force dwarfed by the U.S. firepower assembled in the region at sea and on land. An exercise involving ships from China, as well as Russia and Iran, is planned to take place soon in the Strait of Hormuz, according to Iranian state media. Write to priscila.barrera@wsj.com Write to us at newsletters@dowjones.com We offer an enhanced version of this briefing that is optimized for viewing on mobile devices and sent directly to your email inbox. If you would like to sign up, please go to https://newsplus.wsj.com/subscriptions. This article is a text version of a Wall Street Journal newsletter published earlier today. 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