European Shares Surge Amid Hopes of EU-U.S. Trade Deal and Robust Corporate Earnings
European shares rose to a six-week high due to optimism about a potential EU-U.S. trade agreement and positive corporate earnings. The STOXX 600 index increased by 0.6%, with significant gains in the banking sector. A potential trade deal could prevent a larger tariff on EU imports to the U.S.
European shares surged to reach a six-week high on Thursday, driven by optimism surrounding a potential EU-U.S. trade agreement and encouraging corporate earnings. This has created an upbeat atmosphere among investors ahead of the European Central Bank's forthcoming rate decision.
The STOXX 600 index soared by 0.6%, marking its highest level since June 11. Stock markets across the region, including Germany's DAX and the UK's FTSE 100, also experienced gains, helping set a positive tone overall.
A potential trade agreement between the EU and the U.S. suggests a more favorable tariff of 15% on imports, as opposed to the previously planned 30%, providing a boost to market optimism. Meanwhile, the European banking sector saw significant gains, primarily led by Deutsche Bank and BNP Paribas, following promising profit reports.
(With inputs from agencies.)
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