European Stocks Rise On Tariff Relief
European stocks closed sharply higher on Monday after the U.S. voted to push back tariffs on the European Union back to their original date. The eurozone STOXX 50 closed 1.3% higher at 5,397 and the pan-European STOXX 600 gained 1% to close at 550.
U.S. President Trump said Friday’s 50% tariffs on the EU would be delayed until July, and sounded a note of optimism about aggressive trade levies.
Consistently, EU Commission President Von der Leyen noted that a deal could be reached by the July 9 deadline. As a result, sectors with a large exposure to U.S. consumers outperformed and bounced back from Friday’s losses. Stellantis, Volkswagen, BMW and Mercedes-Benz rose between 5% and 2%. Siemens, meanwhile, gained 3%. Outside the currency bloc, Novo Nordisk rose 4%. (alg)
Source: Trading Economics
