Porsche shares shed 8% after cutting outlook

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 was 0.1% lower at 11:27 a.m. in London (6:27 a.m. ET), 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 2.6% at 11:27 a.m. in London.

Germany’s Porsche^[3] led the declines, down 8.3% 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 7.7%.

Meanwhile, 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.

India, for its part, has hit back at the $100,000 fee for applications to the H-1B visa program, saying^[9] 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^[10], 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.