06:35 AM EST, 03/04/2025 (MT Newswires) -- European bourses tracked solidly lower midday Tuesday as traders digested the Trump Administration's pending import tariffs on Canada, Mexico and China, and weighed the evolving outlook for the Ukraine-Russian war.

Food stocks bucked the tide to gain, while bank, tech and oil issues were heavily pressured.

Investors also eyed mixed Wall Street futures, but largely lower closes overnight on Asian exchanges.

In economic news, European Commission President Ursula von der Leyen introduced her ReArm Europe plan, which allows member states greater fiscal leeway in financing defense outlays and offers a 150 billion euro ($158 billion) loan instrument to help nations invest in defense projects.

The pan-continental Stoxx Europe 600 Index was off 1.2% mid-session.

The Stoxx Europe 600 Technology Index was off 2.2%, and the Stoxx 600 Banks Index lost 2.9%.

The Stoxx Europe 600 Oil and Gas Index was off 2.8%, but the Stoxx 600 Europe Food and Beverage Index advanced 1.1%.

The REITE, a European REIT index, fell 0.4%, and the Stoxx Europe 600 Retail Index declined 1%.

On the national market indexes, Germany's DAX was down 2%, and the FTSE 100 in London was down 0.3%. The CAC 40 in Paris was off 1.2%, and Spain's IBEX 35 lost 2.2%.

Yields on benchmark 10-year German bonds were lower, near 2.47%.

Front-month North Sea Brent crude oil futures were down 1.3% to $70.72 per barrel.

The Euro Stoxx 50 volatility index was up 8.5% to 20.95, indicating modestly above-average volatility for European stock markets in the next 30 days, a negative signal. A reading above 20 indicates choppier markets ahead, while below 20 suggests calmer exchanges.