12:19 PM EDT, 04/07/2025 (MT Newswires) -- The European stock markets plummeted in Monday trading as the global markets continue to reel from the uncertainty concerning a slew of tariffs enacted by the US. The Stoxx Europe 600 shed 4.54%, Germany's DAX fell 4.26%, the FTSE 100 dropped 4.38% in London, France's CAC 40 lost 4.78%, and the Swiss Market Index closed 5.16% lower.

The European Commission is launching an import surveillance taskforce that aims to work with European businesses to minimize the effects of Europe's response to heavy US tariffs, European Commission President Ursula von der Leyen said at a press conference Monday. "These tariffs come first and foremost at immense costs for US consumers and businesses," von der Leyen told reporters. "But at the same time they have a massive impact on the global economy."

Seasonally adjusted retail trade volume increased 0.3% in the euro area and 0.2% in the EU in February compared with January, according to first estimates from Eurostat, the statistical office of the EU. Compared with a year earlier, the calendar adjusted retail sales index rose 2.3% in the euro area and 2.0% in the EU. The highest annual increases were in Luxembourg (10.3%), Cyprus (8.5%) and Estonia (5.2%), while the largest decreases were in Poland (1.5%), Slovakia (1.4%) and the Netherlands (1.2%).

In Germany, price- and calendar-adjusted production in the manufacturing sector declined 1.3% in February from January, according to the Federal Statistical Office. Industrial production, which excludes energy and construction, declined 0.5% in February compared with January 2025.

In the UK, the average house price in March was 296,699 pounds ($380,720), according to the Halifax House Price Index. The average house price was down 0.5% from February and up 2.8% from a year earlier.

And in corporate news, Shell said Monday it lowered its Q1 liquefied natural gas production outlook to between 6.4 million and 6.8 million metric tons, down from a previous forecast of 6.6 million to 7.2 million metric tons, due to weather impact and unplanned maintenance, including in Australia. Shares of the British oil and gas giant fell 5.9% in London trading.

ArcelorMittal said Monday it launched a new share repurchase program to be conducted in tranches that may be announced through May 2030. This follows the recent completion of the company's buyback program for 85 million shares. Shares of the Luxembourg-based steel and mining company dropped 2.9% on the Paris bourse.

UK's Investigatory Powers Tribunal has declined the British government's request to hide the basic facts of tech giant Apple's anti-privacy case due to national security interests, according to a court document Monday. The Tribunal said it rejected the government's request to keep the basic facts of the case secret, and ruled that disclosure does not threaten public interest or national security.