Europe open: Stoxx hits fresh high despite Trump tariff threat on Iran partners

13th Jan 2026 08:03

(Sharecast News) - European stocks hit fresh highs at the open on Tuesday despite more market volatility as US President Donald Trump threatened Iran's trading partners with 25% tariffs.

The pan-regional Stoxx 600 hit 611.78, a new intra-day high, and was up 0.09% at 611.52 at 0812 GMT. All major bourses made slight gains in early deals.

Trump said any country that traded with Tehran would face the tariff rate on exports to the US, as Washington mulled its response to the Islamic regime's crackdown on anti-government protests that has left hundreds dead, according to human rights groups.

"Effective immediately, any Country doing business with the Islamic Republic of Iran will pay a Tariff of 25% on any and all business being done with the United States of America," Trump said in his usual overnight round of social media pronouncements.

"This order is final and conclusive," he added. Iran's major trading partners include China - a large buyer of its oil - the United Arab Emirates and India.

Oil prices jumped, with Brent crude up 0.47% to $64.17 a barrel as investors fretted about the potential threat to supply from the world's fifth largest producer.

In equity news, shares in Orsted rose nearly 6% after a US judge cleared the Danish renewables company to resume work on its $5bn Revolution Wind project near the Rhode Island coast in a legal setback for Trump who had moved to block it.

Whitbread gained as the Premier Inn owner said it expected a lower-than-anticipated hit from business rate hikes announced in the UK's autumn budget.

German fragrances maker Symrise surged as it launched a €400m share buyback and on Monday said it was in advanced talks to sell its terpenes business and that it would take a non-cash impairment of about €145m related to the sale.

Reporting by Frank Prenesti for Sharecast.com