Latest news with #TradeAccord
Reuters
10-07-2025
- Business
- Reuters
European shares close at four-week high on banks boost; US trade talks in focus
July 9 (Reuters) - European shares closed at a four-week high on Wednesday, with banks the biggest boost as investors awaited signs of progress on a trade accord between the United States and the European Union. The pan-European STOXX 600 index (.STOXX), opens new tab rose 0.8% to its highest close since June 12. Italy's bank-heavy benchmark (.FTMIB), opens new tab jumped 1.6% to its highest since 2007. Lender UniCredit ( opens new tab was among the biggest gainers on the index, advancing 4.6% to its highest since 2011. The Italian lender met renewed German opposition to its takeover ambitions for Commerzbank ( opens new tab after it doubled its voting stake in the rival. A broader gauge of euro zone banks (.SX7E), opens new tab climbed 2.7% to its highest level since 2010, with French bank Societe Generale ( opens new tab also advancing 4%. The index tracking European defence companies (.SXPARO), opens new tab gained 1.4% to reach an all-time high. German defence contractor Renk ( opens new tab added 5% after a Bloomberg report said the company was considering selling its civilian industrial unit, or part of it. In the latest on the trade front, the EU said it could reach an outline trade agreement with the United States in the coming days. U.S. President Donald Trump said on Tuesday that he was probably two days away from sending the EU a letter disclosing the tariff rate on its exports to the U.S. "Even though a letter could be sent... the hope of the market and the sign of the negotiations is that there is a willingness to find some common ground," said Georgios Leontaris, chief investment officer for EMEA at HSBC Global Private Banking and Premier Wealth. "That said, we don't know exactly the terms that will be agreed. Therefore, we need to wait and see how the negotiations will play out in the coming days". With the deadline for deals extended to August 1, from July 9, investors remain hopeful for more flexibility and negotiations on the table. However, Trump declared there would be "no more extensions". Trump also announced plans to impose a 50% tariff on imported copper and said long-threatened levies on semiconductors and pharmaceuticals would be introduced soon. Shares in some European pharmaceutical companies fell, including Zealand Pharma ( opens new tab falling 2.7% and Novo Nordisk ( opens new tab losing 1.5%. At the bottom of the STOXX 600 stood British ad group WPP (WPP.L), opens new tab, which tumbled 18.8% after slashing its profit outlook. French rival Publicis ( opens new tab also fell 1.8%. Norwegian engineering group Kongsberg ( opens new tab dropped 12% as analysts said they saw some weaknesses in different parts of the results. On the bright side, EssilorLuxottica ( opens new tab jumped 5.6% following reports that Meta Platforms (META.O), opens new tab has acquired a nearly 3% stake in the eyewear maker
Bloomberg
11-06-2025
- Business
- Bloomberg
Stocks to Open Flat as Trade Pact Details Awaited: Markets Wrap
Asian stocks may open with caution on Thursday as investors awaited further details on a US-China trade accord. Softer-than-expected US inflation supported the case for Federal Reserve rate cuts, spurring Treasuries higher. Asian equity futures held to muted moves early Thursday after the S&P 500 fell 0.3% Wednesday and the Nasdaq 100 dropped 0.4% as big tech weighed on US benchmarks. The declines halted a three-day advance for US stocks, with Apple Inc. down about 2%. In late hours, Oracle Corp. surged after revenue beat estimates. Contracts for US equities were little changed in early Asian trading.
