European stocks were slightly lower on Monday morning, as investors closely monitored U.S. President Donald Trump[1]‘s visa crackdown[2].
The pan-European Stoxx 600 index traded 0.2% lower shortly after the opening bell, with most sectors and major bourses in negative territory.
Auto stocks notched some of the biggest losses in early deals. The Stoxx Europe Automobiles and Parts index was down 2.3% at 8:15 a.m. London time.
Germany’s Porsche[3] led the declines, down roughly 6.7% after the luxury sportscar manufacturer recently slashed[4] its 2025 profitability outlook. The company also delayed the launch of electric car models due to weak demand. Volkswagen[5], Porsche’s biggest shareholder, also fell on the news, down around 5.5%.
The Trump administration on Friday signed[6] a surprise order to raise the so-called H-1B application fee[7] to $100,000.
The proclamation, which came into effect on Sunday, requires companies to pay the new six-figure fee to obtain the visas necessary for new employees entering the country.
The move comes as part of an effort designed to protect American jobs and marks a further crackdown on immigration[8] from the White House.
The abrupt nature of the policy change has left many companies scrambling to assess what it means for their recruitment plans. Major tech firms[9], for example, famously rely on H-1B visas to fill highly skilled roles with personnel recruited from India and China, among other countries.
India, for its part, has hit back at the $100,000 fee for applications to the H-1B visa program, saying[10] the measure “is likely to have humanitarian consequences by way of the disruption caused for families.”
On the data front, a flash estimate for euro zone consumer confidence is due at around 3 p.m. London time.
Asia-Pacific stock markets traded mixed[11], as investors took in China’s key lending rate decision. China’s central bank kept the loan prime rates (LPR) unchanged for the fourth month in a row, in line with a Reuters poll.
References
- ^ Donald Trump (www.cnbc.com)
- ^ visa crackdown (www.cnbc.com)
- ^ Porsche (www.cnbc.com)
- ^ slashed (newsroom.porsche.com)
- ^ Volkswagen (www.cnbc.com)
- ^ signed (www.nbcnews.com)
- ^ H-1B application fee (www.cnbc.com)
- ^ further crackdown on immigration (www.cnbc.com)
- ^ Major tech firms (www.cnbc.com)
- ^ saying (www.mea.gov.in)
- ^ traded mixed (www.cnbc.com)