Rising European Market: Banking Sector Leads the Way Amidst Trade Negotiations
European shares surged, driven by banks, as investors anticipated progress on a trade deal with the U.S. The STOXX 600 climbed 0.5%, while major indexes also saw gains. EU and U.S. leaders are negotiating terms, with potential tariffs looming. Pharmaceutical shares dipped amid tariff threats.
European shares experienced an upswing on Wednesday, primarily driven by bank stocks, as market participants watched closely for developments in U.S.-EU trade discussions.
The pan-European STOXX 600 gained 0.5% to hit 548.28 points by the morning session. EU Commission President Ursula von der Leyen emphasized collaboration with the Trump administration to finalize a trade deal while remaining prepared for various outcomes.
Amidst these discussions, Trump hinted at imposing significant tariffs on EU exports, including copper, semiconductors, and pharmaceuticals, causing a dip in European pharmaceutical stocks, notably Zealand Pharma and Novo Nordisk. Despite these uncertainties, European defense stocks soared, with Renk and Indra seeing notable gains.
(With inputs from agencies.)
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