European Markets Boosted by U.S. Jobs Data Amid Trade Uncertainty
European shares rose for a second week, driven by strong U.S. employment figures and easing trade tensions. The pan-European STOXX 600 gained, benefiting from hopes over stable U.S. economic conditions. However, challenges such as protectionist policies and faltering German exports remain. Financial stocks outperformed, with UBS leading winners.
European shares climbed for the second consecutive week, enthused by robust U.S. employment data which alleviated some investor fears over trade-related disruptions.
The STOXX 600 index posted a 0.6% weekly gain, buoyed by optimism surrounding the U.S. jobs market and developing trade relations following a pivotal conversation between President Trump and Chinese President Xi Jinping.
Despite positive signals, the market wrestled with the repercussions of heightened tariffs on steel and aluminum, impacting the automotive sector. In Germany, Chancellor Friedrich Merz proposed duty-free U.S.-EU car trade, while potential ECB rate changes and tensions between Trump and Tesla's Elon Musk added volatility.
(With inputs from agencies.)
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