The European Union dodged an imminent trade war with the US this week, but markets and a growing chorus of critics have dispelled early hopes that the deal will bring a sense of stability back to transatlantic relations.

Investors kick off a hectic week with stocks moving mostly lower after a U.S.-European Union trade deal, with a Fed meeting, jobs data and a deluge of corporate earnings on deck.

German auto companies embraced greater clarity but warned that even the lower rate of tariffs agreed between Brussels and Washington would still hurt.

The United States and European Union clinched a trade agreement on Sunday that will see EU exports taxed at 15 percent, in a bid to resolve a transatlantic tariff stand-off that threatened to explode into a full-blown trade war.