European markets fall as traders await Trump tariffs; Aston Martin shares up 12%

European markets began the week on a sour note, trading significantly lower on Monday as global investors anxiously awaited the imposition of U.S. President Donald Trump’s trade tariffs.

The regional Stoxx 600 index reached a low of 1.3% by 10:10 a.m. London time, with a majority of sectors and major bourses rooted firmly in the red. Germany’s DAX index was leading the losses, having shed 1.2% during early trade.

The sell-off has been attributed to the impending onset of a series of Trump tariffs set to come into effect on Wednesday, including a 25% levy on “all cars that are not made in the United States.”

By 10:12 a.m. in London, Europe’s Stoxx Automobiles and Parts index had plunged 2.4% lower. Major automakers also felt the sting, with Volkswagen down by 3.2%, Mercedes-Benz by 2.7%, and Renault by 3.5%.

The Trump administration is also expected to announce plans for reciprocal tariffs on April 2nd, a date they have dubbed “Liberation Day.”

Global markets and the U.S.’s largest trading partners have been significantly disturbed by the prospect of a global trade war. However, Trump appears unmoved by the turmoil. In a recent interview with NBC News, Trump stated he “couldn’t care less” if foreign automakers increased their prices due to his auto tariffs.

In contrast to the general market slump, shares of Britain’s Aston Martin jumped nearly 10% on Monday after the luxury carmaker announced it would raise more than £125 million ($161.7 million) through funding from Chairman Lawrence Stroll’s investment vehicle. Stroll’s stake in the company is projected to increase from about 27.7% to 33% as part of the transaction.

“This renewed support from Lawrence and his Yew Tree Consortium partners underlines their immense confidence in our team and the future of the company,” Aston Martin CEO Adrian Hallmark said in a statement.

In other market news, Thames Water announced Monday that it had selected U.S. private equity firm KKR as the “preferred partner” in the next stage of its equity raise process. Meanwhile, Swedish financial services firm Fortnox saw its shares surge on news of a $5.5 billion takeover bid by a consortium made up of private equity firm EQT and First Kraft.