European shares rise to 4-month high after US-EU trade deal
The pan-European STOXX 600 index (.STOXX), opens new tab rose 0.8% by 0715 GMT. Most regional bourses were also in the green, with UK's FTSE 100 (.FTSE), opens new tab adding 0.3%, Germany's blue-chip DAX (.GDAXI), opens new tab rising 0.7% and France's CAC 40 (.FCHI), opens new tab gaining 1.1%.
The trade agreement imposes a 15% tariff on most EU goods and requires the EU to invest around $600 billion in the U.S., with tariff rates on spirits still under negotiation.
Automobile stocks (.SXAP), opens new tab were boosted on the day with Porsche and Volkswagen (VOWG.DE), opens new tab gaining 1.6% and 1.9%, respectively.
Mercedes-Benz (MBGn.DE), opens new tab, Stellantis (STLAM.MI), opens new tab and Volvo Cars (VOLCARb.ST), opens new tab, which have pulled their 2025 financial guidance due to U.S. trade uncertainty, rose between 1.6% and 3%.
Pharmaceutical stocks (.SXDP), opens new tab also gained with the base tariff rate extending to cover healthcare. Novo Nordisk (NOVOb.CO), opens new tab and Roche (ROG.S), opens new tab both rose more than 1.5%.
Expectations of similar trade agreements with other U.S. trading partners before the August 1 tariff deadline have helped lift the benchmark STOXX 600 to within 1.8% of its all-time high hit on March 4, marking a 19.5% rebound from its April trough.
LVMH (LVMH.PA), opens new tab rose 0.7% after media reports said French luxury goods group is in discussions with multiple buyers to offload its fashion label Marc Jacobs.
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