European Stocks Rise Amid Optimism Over Trade Deal with the U.S.
European stocks climbed on Wednesday, led by gains in the automotive sector, as optimism grew over a potential trade agreement with the United States following Washington's recent deal with Japan.
The Stoxx 600 index rose nearly 1% to 549.6 points, recovering from three consecutive sessions of losses. Meanwhile, the UK's FTSE 100 extended its winning streak to a fifth straight session, hitting a record high.
Other regional indices also advanced, with France's CAC 40 leading the gains, jumping 1.3%.
The auto manufacturing sector was the top performer, surging 3.4%, tracking gains in Asian competitor stocks. Shares of Porsche soared 7.6%, while Mercedes-Benz climbed 5.8%.
Swiss company Lonza was among the strongest performers, rising 5.4% after surpassing profit expectations, driven by its pharmaceutical manufacturing unit.
However, shares of ASM International fell 7.7%, weighing on the tech sector and marking the biggest decline on the Stoxx 600.
German software giant SAP also dropped 3.5% after reporting higher Q2 profits due to cost-cutting and increased demand but refraining from raising its full-year earnings forecast.
The market rally reflects growing confidence in easing trade tensions, with investors closely watching for further developments in U.S.-Europe trade negotiations.
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