Oil slides 2% as Trump unveils 50% Canada tariffs; European stocks mixed
European markets closed mixed on Monday, with Milan's FTSE Mib down 0.24%, while Wall Street opened lower. Oil prices fell over 2% after two weeks of gains, with WTI at $85.09 and Brent at $92.66 per barrel. President Trump announced 50% tariffs on Canadian cars, trucks, auto parts, and steel effective January 1, 2027, escalating the trade dispute. Markets await the US economic sanctions plan against Iran from Treasury Secretary Scott Bessent, plus Nvidia earnings and the Jackson Hole symposium. Gold rose 1.5% to $4,670 per ounce, while European natural gas gained 3.9% to €68.4 per megawatt-hour. Banking sector moves continued, with MPS's dual offers on Banco BPM and Banca Generali receiving a cool market reception.