President Donald Trump’s worldwide tariffs on imports has sent US-listed shares slumping today, 3 April, with gambling operators impacted by the mass selloffs.
Trump announced a slew of tariffs yesterday, on what the president described as the US’ “Liberation Day”, with new rates applied from China to the remote Heard and McDonald Islands.
China will face a 34% new tariff on all exports to the US, while the European Union will now have to deal with a 20% rate.
The UK avoided one of the top rates, with Trump settling on 10%. There will also be a 25% rate on steel, aluminium and cars exported from the to the US.
The EU has said it is preparing a “united” approach to the decision, while UK Prime Minister Sir Keir Starmer said a consultation on potential retaliatory tariffs will be launched.
The aggressive economic policy has sent global stocks sliding. Early falls in Asia were replicated in the UK and other European markets today.
In London, Entain’s shares have fallen 4.8% and evoke’s are down 4.2%, at the time of writing.
The FTSE 250 has slipped almost 2%, while Japan’s Nikkei fell to an eight-month low.
In the US, with markets having just opened this morning, the effect of Trump’s tariffs are plain to see.
The S&P 500 is down a little over 3% , while the Nasdaq has tumbled by nearly 5% in early trading.
For listed gambling companies in the US, there was no reprieve from the wider stock market selloff, given fears of a possible recession in the country.
Flutter’s stock has slumped 5.4% to $217 (£164) since the market opened in New York, while main US rival DraftKings has seen its shares plummet 7% to $32.
Flutter has shed $11bn in its valuation since breaching the $50bn market cap barrier earlier this year.
Other US operators affected by investors running for cover include Caesars Entertainment (down 9%), MGM Resorts International (down 8.6%), Rush Street Interactive (down 4.8%) and PENN Entertainment (down 5.6%).
The share prices of supplier giants Sportradar and Genius Sports, both of which are listed in New York, have slipped 4% and 7%, respectively.
US-listed firms’ shares had already cratered over the past month following Trump’s initial pledge to introduce tariffs.
As a result, Flutter is down by almost a fifth, while DraftKings has slumped 23%.
The post Global stocks slump on Trump’s sweeping tariffs first appeared on EGR Intel.
US-listed gambling companies caught up in market slides following unveiling of president’s global tariff plans, with fears of economic downturns growing
The post Global stocks slump on Trump’s sweeping tariffs first appeared on EGR Intel.