30 a..m. German time-about 0.5 % below Friday’s closing level. The strongest performers were Commerzbank, Henkel and RWE, while SAP, Zalando and Airbus fell to the bottom of the list.
Consorsbank’s chief market analyst Jochen Stanzl said the market is being hit “twice over” at the start of the week: first by new tariff fears, and second by the looming risk of a U.S. attack on Iran. He added that, so far, the tariff worry has not triggered a broad retreat from equities. Instead, investors are already searching for possible winners that could emerge from the Supreme Court’s latest ruling.
Stanzl pointed out that international shares, including European listings, may benefit from that ruling, since investors have been shifting away from U.S. stocks for months. He warned that the U.S. president must now prove he can finance his agenda without the revenue from reciprocal tariffs, and that tariffs based on alternative legal bases still need congressional approval. The stronger euro against the dollar early in the week suggests the U.S. government could be forced to reimburse around $130 billion to companies that have sued for already-paid reciprocal tariffs.
According to Stanzl, President Trump can no longer activate or deactivate permanent tariffs by signature alone; the legal foundation for that key policy tool is lost. Without congressional backing, he cannot rely on a majority among his own ranks. In trade policy the U.S. may now face countries negotiating more confidently, and several pre‑negotiated agreements could be re‑activated, including the EU‑U.S. accord that remains unratified.
The euro was slightly stronger on Monday morning: 1 EUR = 1.1817 USD, and 1 USD = 0.8462 EUR.
Meanwhile, oil prices slipped. At about 9:00 a.m. German time, a barrel of North Sea Brent fetched $71.09, down 67 cents-or 0.9 %-from the prior day’s close.