European Markets Surge Amid U.S.-China Trade Optimism
European shares rose as investors welcomed progress in U.S.-China trade talks. The STOXX 600 index climbed, with Germany’s DAX breaking records. Healthcare stocks dropped amid proposed U.S. drug price cuts. Meanwhile, UniCredit soared following strong first-quarter results and an improved 2025 outlook.
European shares experienced an upswing on Monday, driven by positive sentiment from U.S.-China trade discussions. The STOXX 600 index rose by 1.1%, buoyed by a remarkable performance from Germany's DAX, which reached record levels.
Officials from both nations highlighted a "deal" aimed at alleviating the U.S. trade deficit and securing critical agreements. However, specific details remain scant, with further announcements expected on Monday.
Amidst these global negotiations, U.S. initiatives to cut prescription drug prices pressured European healthcare stocks, causing notable declines. In a separate development, UniCredit's stock jumped 4.1% on unexpected first-quarter profit gains and an enhanced outlook for 2025.
(With inputs from agencies.)
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