European stocks began the first week of May on a cautious footing. The STOXX 50 slipped 0.2%, while the STOXX 600 hovered around flat, as traders returned from a long weekend to renewed tariff threats from US President Trump and continued uncertainty surrounding the situation in the Middle East. Automakers led the declines after Trump announced plans to raise tariffs on European Union car and truck imports to 25%, up from 15%, effective this week. Shares in BMW (-1.9%), Mercedes-Benz (-1.4%), VW (-1.1%), Porsche (-1.0%), and Ferrari (-0.9%) all moved lower. In contrast, tech stocks were among the top performers, supported by ongoing optimism around AI. STMicroelectronics surged 4.3%, while Umicore jumped nearly 13%. Meanwhile, Trump stated that the US would begin escorting ships not involved in the Iran conflict through the Strait of Hormuz starting Monday. However, a senior Iranian official warned that Tehran would view any US interference in the strait as a breach of the ceasefire.

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