European markets closed mostly flat on Tuesday as investors weighed a series of political, economic, and geopolitical developments across the continent — from leadership changes in France to new EU trade measures and a tragic building collapse in Madrid.
Meanwhile, regional tensions and global security issues continued to unfold, with Russia confirming President Vladimir Putin’s upcoming participation in a regional summit and Poland weighing its position on the Nord Stream investigation.
Putin to attend CIS summit in Tajikistan
Russian President Vladimir Putin will attend the upcoming Commonwealth of Independent States (CIS) summit in Dushanbe, Tajikistan, on October 10, according to Kremlin aide Yury Ushakov.
The meeting will also be attended by leaders from Azerbaijan, Belarus, Kyrgyzstan, Kazakhstan, Tajikistan, Turkmenistan, and Uzbekistan.
Ushakov said the agenda will focus on strengthening trade and investment partnerships within the CIS — a key priority for Russian foreign policy — alongside discussions on international and regional security concerns.
The summit comes as Moscow continues to emphasize regional cooperation amid ongoing geopolitical tensions with the West.
European stocks flat as investors digest French political shifts
Major European stock indices ended Tuesday’s session little changed as investors continued to assess the fallout from the resignation of French Prime Minister Sebastian Lecornu.
The DAX, CAC 40, and FTSE 100 all finished near flat, while the Euro Stoxx 50 edged 0.27% lower, led by a 3.2% decline in shares of Dutch lender ING.
Traders also monitored fresh economic data, including France’s trade balance and Germany’s factory orders, for signs of resilience in the eurozone’s industrial sector.
Currency markets reflected a cautious tone, with the euro slipping 0.38% to $1.16696 and the pound losing 0.36% to $1.34379 against the US dollar by late afternoon in Europe.
Madrid building collapse leaves four missing, ten injured
In Spain, local authorities reported that ten people were injured and four remain missing following a partial building collapse in central Madrid’s Hileras Street near the Opera area.
Francisco Martin Aguirre, Government Delegate for the Community of Madrid, said that most injuries were minor but several victims remain in serious condition.
Deputy Mayor Inmaculada Sanz confirmed that rescue teams — including 16 fire units and canine squads — are continuing search operations at the site.
Officials clarified that the incident was accidental and not a controlled demolition.
EU proposes doubling steel tariffs to 50%
The European Commission is preparing to propose a sharp increase in customs duties on imported steel, from 25% to 50%, in an effort to protect domestic producers and jobs.
Executive Vice-President for Prosperity and Industrial Strategy Stephane Sejourne said the move aims to “save our European steel plants and jobs,” adding that import quotas would also be halved.
Calling the proposal “the new safeguard clause on steel,” Sejourne described it as part of a broader strategy to reindustrialize Europe.
The plan will require approval from the European Parliament and EU member states.
Knife attack on German Mayor sparks political outcry
Germany’s political community was shaken by a knife attack on Iris Stalzer, the recently elected mayor of Herdecke.
The 57-year-old Social Democrat politician remains in intensive care after being found critically injured in her home.
Police have launched a large-scale manhunt for the attacker and are investigating possible political motives.
Federal Chancellor Friedrich Merz condemned the assault, calling for a swift investigation and expressing hopes for Stalzer’s recovery.
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