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European Union (EU) Trade Commissioner Cecilia Malmstrom recently crossed the wires saying that the EU would retaliate immediately to the US tariffs. Will be meeting with the US Trade Representative Robert Lighthizer next week and hope for the best regarding possible auto tariffs, Malmstrom added further.

This comes against the backdrop of the recent escalation in the US-China trade tensions and did little to improve the global risk sentiment, evident from a weaker trading mood across equity markets.