Latest news with #pan-European
Business Times
14 hours ago
- Automotive
- Business Times
Europe: Stocks rise as US-China trade tensions ease; auto stocks jump
[BENGALURU] European stocks closed at an over one-week high on Friday (Jun 27), fuelled by a rally in automakers, as investors took more risks on hopes for a truce in the US-China trade spat. The pan-European Stoxx 600 index closed 1.1 per cent higher, snapping a two-week losing streak and posting its first weekly gain in three. German stocks notched their strongest weekly rally in two months, while France and Spain's main indices clocked their best weeks in over a month. The Stoxx 600's energy sector, however, suffered its first weekly drop in weeks. The sector lost steam as oil prices plunged, after fears of a closure of the Strait of Hormuz – crucial to global supply – subsided following a 12-day conflict between Israel and Iran. 'We are surprised to see continued market strength in light of the current geopolitical events, but it's clear that the market thinks the conflict will remain contained, although that could change at anytime,' said Robert Ruggirello, chief investment officer, Brave Eagle Wealth Management. With geopolitical worries in the Middle East receding, investors have shifted their gaze to global trade developments. They are hoping for breakthroughs on new trade deals before the looming deadline for higher US tariffs in early July. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up A White House official revealed on Thursday that Washington and Beijing had struck a deal to fast-track rare earth shipments to the US. European auto stocks and the luxury sector, particularly sensitive to China-related headlines, jumped 4.1 per cent and 2.5 per cent, respectively, steering sectoral advances. Porsche jumped 7.6 per cent after Handelsblatt reported that the carmaker was looking to sell its consulting and IT services business MHP, which could be valued at over one billion euros (S$1.5 billion). Adding to the tailwinds, US Treasury Secretary Scott Bessent on Thursday asked Republicans in Congress to remove a 'retaliatory tax' proposal that would let Trump impose up to 20 per cent taxes on foreign investors from countries that levy 'unfair' taxes on US firms. Meanwhile, EU leaders discussed new proposals from the US on a trade deal at a summit in Brussels on Thursday. European Commission President Ursula von der Leyen did not rule out the likelihood of tariff talks failing, saying 'all options remain on the table'. 'There's lots of negotiation going on and it takes time... but any sign that tensions are not going to re-escalate, would be taken positively,' said Richard Flax, chief investment officer at Moneyfarm. Global market sentiment also received an extra boost from Wall Street, as both the S&P 500 and Nasdaq opened at record highs. On the data front, French consumer prices unexpectedly climbed in June, snapping a run of falling inflation, while Spain also saw its inflation rate tick higher during the month. UK's JD Sports advanced 7.6 per cent, while German sportswear makers Puma and Adidas gained 3 per cent and 3.8 per cent, respectively, after US peer Nike's first-quarter revenue outlook exceeded market expectations. Amplifon dropped 7.3 per cent after brokerage Exane BNP Paribas flagged weak consumer sentiment in the hearing aid company's main markets. REUTERS
Yahoo
16 hours ago
- Business
- Yahoo
Sky retreats from Germany after losing billions
Sky has made a costly retreat from Germany 15 years after Rupert Murdoch broke into the market with hopes of building a pan-European pay-TV empire. The German broadcaster RTL has acquired Sky Deutschland for just €150m (£128m). The figure represents a collapse in the value assigned to the business in 2018 when Sky was acquired for £30bn by the US cable giant Comcast in a blockbuster auction. At that time Brian Roberts, Comcast's executive chairman and controlling shareholder, said Sky's continental footprint would provide crucial scale. The takeover of Sky would help Comcast compete in the increasingly global entertainment business against the likes of Netflix and Amazon, investors were told. However, it quickly proved that Mr Murdoch had sold up at the peak of pay-TV in Europe, as streaming began to make growth much more challenging. The difficulties that Sky had experienced in making Sky Deutschland profitable would not be easily solved under new ownership. The decision to sell Sky Deutschland at a heavy loss will be received as further recognition by Comcast that it overpaid for Sky. Sky acquired full control of Sky Deutschland in 2014 in a deal that valued the German operation at more than £4.4bn. It said on Friday that if RTL is able to hit profit targets it is in line to receive an additional €377m on top of the €150m cash up front. Sky Deutschland has never made a profit, operating in a market of famously thrifty consumers. However, following determined cost-cutting under Comcast it is expected to break even this year. The sale comes after repeated attempts by Comcast to exit Germany, which never achieved the scale of even Sky's tricky Italian business. Talks last year were overshadowed by uncertainty over Sky Deutschland's crucial top-flight football rights. They were secured in December, giving new impetus to the discussions. The agreement marks Mr Roberts' most drastic move yet in its battle to make his takeover of Sky more palatable for Wall Street, which has never shown enthusiasm for his European empire-building. Comcast already reduced the value of Sky by $8.6bn (£6.3bn) in 2022 and stopped breaking out its performance in financial reports. Last year, it also reported a £1.2bn write-down on loans to its German and Italian operations, which were bought by Sky in a £7bn deal in 2014. Struggles in Europe have prompted further cost-cutting efforts at Sky, which recorded a pre-tax loss of £773m in 2023, according to its latest accounts. Plans to cut 2,000 customer service roles were announced in March. However, as well as securing the sale of Germany, Sky has delivered apparent progress in Italy. Revenues there were up 8.2pc last year to €2.4bn and it swung from a loss to underlying earnings of €177m. Thomas Rabe, the chief executive of RTL, said the deal would 'bring together two of the most powerful entertainment and sports brands in Europe, and create a unique video proposition across free TV, pay-TV and streaming'. The German division, which operates in Germany, Austria, Switzerland and parts of Italy, holds the rights to broadcast the Bundesliga, the German football league, until 2029. Francois Godard, an analyst at Enders Analysis, said Sky had struggled in Germany with market share languishing around 10pc. Mr Godard said that earlier valuations of Sky Deutschland had been based on 'magic growth ... Of course, that did not happen'. He added: 'Germany has always been different from the UK. They never reached the kind of penetration they had in the UK.' Meanwhile, Sky's attempted overhaul was dealt a blow last year after bosses discovered an embarrassing advertising blunder. This stemmed from Sky uncovering miscalculations in its ad sales that meant its partners did not receive the correct revenues from their deals dating back years. Like other broadcasters, Sky has also been navigating a shift from linear TV to streaming, as customers switch from expensive satellite TV packages to on-demand streaming apps. Next year, it will face further competition as HBO launches its Max streaming service. In December, Sky secured a deal to keep HBO's shows, such as a new Harry Potter series, bundled with its service, but they will no longer be exclusive to the UK broadcaster. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Gulf Today
18 hours ago
- Business
- Gulf Today
Global stocks rally on China-US trade hopes, dollar trades at multi-year lows
Global shares reached a record high on Friday, helped by market optimism over signs of progress in US-China trade talks, while the dollar held close to its lowest levels in more than three years. The benchmark S&P 500 index and Nasdaq hit all-time highs, lifted partly by gains in megacap growth stocks including Nvidia and Amazon. The S&P 500 index and Nasdaq are headed for a weekly gain and are up about 5% this year overall, following a volatile first half of the year, dominated by US President Donald Trump's tariff announcement on April 2, which sent stocks plunging. The pan-European STOXX 600 index was up 0.66% on the day, set for a weekly gain. The MSCI World Equity index touched a record high and was set for a weekly gain of 3.2%. London's FTSE 100 rose 0.35%. Asian shares hit their highest in more than three years in early trading. "It's a continuation of this monster rally since early April," said James St. Aubin, chief investment officer at Ocean Park Asset Management in Santa Monica, California. "It's been quite an improbable comeback and it continues, assuming that the tariff controversy is no longer a major issue in the psyche of the market." Investors saw a trade agreement between the United States and China on Thursday on how to expedite rare earth shipments to the United States as a positive sign, amid efforts to end the tariff war between the world's two biggest economies. Trump has set July 9 as the deadline for the European Union and other countries to reach a deal to reduce tariffs. Traders took confidence too from a ceasefire between Iran and Israel and markets stepped up bets for US rate cuts amid the possibility of Trump announcing a new, more dovish Federal Reserve chair ahead of the expiration of Jerome Powell's term next year. Data showed US consumer spending unexpectedly fell by 0.1% in May for the second time this year, while monthly inflation maintained a moderate pace of increase. "We're starting to see earnings estimates for the next 12 months on the rise again after taking a little bit of a dip and that's what the market is buying into," St. Aubin added. The dollar remained on the backfoot, hovering near its lowest level in 3-1/2 years against the euro and sterling. The dollar weakened 0.16% to 0.799 against the Swiss franc but was up 0.18% to 144.63 against the Japanese yen . The euro was at $1.1708, getting a lift after data showed French consumer prices rose more than expected in June. The dollar index was down 0.1% on the day at 97.269, holding near its lowest in more than three years. The dollar is having its worst start to a year since the era of free-floating currencies began in the early 1970s. Traders have stepped up their bets on US rate cuts, and are now pricing in 64 basis points (bps) of easing this year versus 46 bps expected on Friday. The yield on benchmark US 10-year notes rose 1.2 basis points to 4.265%. German 30-year government bond yields were on track for their biggest weekly increase in nearly four months after rising this week on expectations of increased borrowing by Germany's government. Oil prices meanwhile rose but were set for their steepest weekly decline since March 2023, as the absence of significant supply disruption from the Iran-Israel conflict saw any risk premium evaporate. Brent crude futures rose 0.66% to $68.18 a barrel while US West Texas Intermediate crude was up by 1% to $65.91 . Spot gold fell 1.72% to $3,270.50 an ounce. Oil prices rose on Friday but were set for their steepest weekly decline since March 2023, as the absence of significant supply disruption from the Iran-Israel conflict saw any risk premium evaporate. Brent crude futures were up 53 cents, or 0.78%, to $68.26 a barrel at 1457 GMT, while US West Texas Intermediate crude was up 59 cents, or 0.9%, to $65.82. During the 12-day war that started after Israel targeted Iran's nuclear facilities on June 13, Brent prices rose briefly to above $80 a barrel before slumping to $67 a barrel after US President Donald Trump announced an Iran-Israel ceasefire. That put both contracts on course for a weekly fall of about 12%. "The market has almost entirely shrugged off the geopolitical risk premiums from almost a week ago as we return to a fundamentals-driven market," said Rystad analyst Janiv Shah. He said the market was also keeping an eye on the July 6 meeting of oil producers group OPEC+, where another output hike of 411,000 barrels per day is expected, while adding that summer demand indicators were key as well. Phil Flynn, senior analyst with the Price Futures Group, said expectations of higher demand in the coming months were also giving crude a boost on Friday. "We're getting a demand premium on oil," Flynn said. A possible end to the 19-month war between Israel and Hamas in Gaza and expected agreements between the US, Europe and China on trade were positive signs for the market, he added. "If we get a trade deal with China, we're going to be in pretty good shape," Flynn said. Prices were also supported by multiple oil inventory reports that showed strong draws in middle distillates, said Tamas Varga, a PVM Oil Associates analyst. Data from the US Energy Information Administration on Wednesday showed crude oil and fuel inventories fell a week earlier, with refining activity and demand rising. Meanwhile, data on Thursday showed that independently held gasoil stocks at the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub fell to their lowest in over a year, while Singapore's middle distillates inventories declined as net exports climbed week on week. Additionally, China's Iranian oil imports surged in June as shipments accelerated before the Israel-Iran conflict and demand from independent refineries improved, analysts said. China is the world's top oil importer and biggest buyer of Iranian crude. It bought more than 1.8 million barrels per day of Iranian crude from June 1-20, according to ship-tracker Vortexa, a record high based on the firm's data. (Reporting by Erwin Seba in Houston, Siyi Liu in Singapore and Nicole Jao in New York Agencies
The Advertiser
19 hours ago
- Business
- The Advertiser
Markets rally on China-US trade hope, Iran peace deal
Global shares have rallied helped by signs of progress in US-China trade talks, while the dollar held close to its lowest levels in more than three years. World stock markets have rallied to record highs this week, as traders took confidence from a ceasefire between Iran and Israel and markets stepped up bets for US rate cuts. A trade agreement between the US and China on Thursday on how to expedite rare earth shipments to the US was also seen by markets as a positive sign, amid efforts to end the tariff war between the world's two biggest economies. Asian shares hit their highest in more than three years in early trading, and US stock futures pointed to a firm start for Wall Street shares. The pan-European STOXX 600 index was up 0.8 per cent on the day, set for a 1.1 per cent weekly gain - its best week since mid-May. London's FTSE 100 was up 0.5 per cent and Germany's DAX gained 0.6 per cent. The MSCI World Equity Index touched a fresh record high and was set for a weekly gain of 2.8 per cent. The S&P 500 index is up just 4.4 per cent this year overall, following a volatile first half of the year, dominated by US President Donald Trump's "Liberation Day" tariff announcement on April 2, which sent stocks plunging. "What we are having right now is potentially some optimism about some trade deals," said Vasileios Gkionakis, senior economist and strategist at Aviva Investors. "We have... come from quite low levels in the aftermath of the Liberation Day in April. To a certain extent we have also had some mini-selloff on the back of the events in the Middle East, and in that sense we're rebounding." Trump has set July 9 as the deadline for the European Union and other countries to reach a deal to reduce tariffs. Mark Haefele, Chief Investment Officer at UBS Global Wealth Management said that in the near-term, the firm saw greater upside potential in US and emerging markets than in Europe. The dollar remained on the backfoot, hovering near its lowest level in three-and-a-half years against the euro and sterling. The dollar index was down a touch on the day at 97.269 , holding near its lowest in more than three years. The euro was at $US1.1708 ($A1.7867), getting a lift after data showed French consumer prices rose more than expected in June. It held near multi-year peaks hit a day earlier. "We see the US dollar as unattractive," said Haefele at UBS Wealth Management. Markets are focused on US monetary policy, as traders weigh up the possibility of Trump announcing a new, more dovish chair of the Federal Reserve. Traders have stepped up their bets on US rate cuts, and are now pricing in 64 basis points (bps) of easing this year versus 46 bps expected on Friday. The dollar is having its worst start to a year since the era of free-floating currencies began in the early 1970s. "I don't think it's just the repricing of the Fed, I think there is a broader issue here of some tarnishing of US exceptionalism," Aviva Investors' Gkionakis said. Core PCE price data, the US central bank's preferred measure of inflation, is due later in the session. German 30-year government bond yields were on track for their biggest weekly increase in nearly four months after rising this week on expectations of increased borrowing by Germany's government. Oil prices meanwhile rose but were set for their steepest weekly decline since March 2023, as the absence of significant supply disruption from the Iran-Israel conflict saw any risk premium evaporate. Brent crude futures rose 0.5 per cent to $US68.06 ($A103.86) a barrel while US West Texas Intermediate crude was up by the same amount to $US65.54 ($A100.01). Global shares have rallied helped by signs of progress in US-China trade talks, while the dollar held close to its lowest levels in more than three years. World stock markets have rallied to record highs this week, as traders took confidence from a ceasefire between Iran and Israel and markets stepped up bets for US rate cuts. A trade agreement between the US and China on Thursday on how to expedite rare earth shipments to the US was also seen by markets as a positive sign, amid efforts to end the tariff war between the world's two biggest economies. Asian shares hit their highest in more than three years in early trading, and US stock futures pointed to a firm start for Wall Street shares. The pan-European STOXX 600 index was up 0.8 per cent on the day, set for a 1.1 per cent weekly gain - its best week since mid-May. London's FTSE 100 was up 0.5 per cent and Germany's DAX gained 0.6 per cent. The MSCI World Equity Index touched a fresh record high and was set for a weekly gain of 2.8 per cent. The S&P 500 index is up just 4.4 per cent this year overall, following a volatile first half of the year, dominated by US President Donald Trump's "Liberation Day" tariff announcement on April 2, which sent stocks plunging. "What we are having right now is potentially some optimism about some trade deals," said Vasileios Gkionakis, senior economist and strategist at Aviva Investors. "We have... come from quite low levels in the aftermath of the Liberation Day in April. To a certain extent we have also had some mini-selloff on the back of the events in the Middle East, and in that sense we're rebounding." Trump has set July 9 as the deadline for the European Union and other countries to reach a deal to reduce tariffs. Mark Haefele, Chief Investment Officer at UBS Global Wealth Management said that in the near-term, the firm saw greater upside potential in US and emerging markets than in Europe. The dollar remained on the backfoot, hovering near its lowest level in three-and-a-half years against the euro and sterling. The dollar index was down a touch on the day at 97.269 , holding near its lowest in more than three years. The euro was at $US1.1708 ($A1.7867), getting a lift after data showed French consumer prices rose more than expected in June. It held near multi-year peaks hit a day earlier. "We see the US dollar as unattractive," said Haefele at UBS Wealth Management. Markets are focused on US monetary policy, as traders weigh up the possibility of Trump announcing a new, more dovish chair of the Federal Reserve. Traders have stepped up their bets on US rate cuts, and are now pricing in 64 basis points (bps) of easing this year versus 46 bps expected on Friday. The dollar is having its worst start to a year since the era of free-floating currencies began in the early 1970s. "I don't think it's just the repricing of the Fed, I think there is a broader issue here of some tarnishing of US exceptionalism," Aviva Investors' Gkionakis said. Core PCE price data, the US central bank's preferred measure of inflation, is due later in the session. German 30-year government bond yields were on track for their biggest weekly increase in nearly four months after rising this week on expectations of increased borrowing by Germany's government. Oil prices meanwhile rose but were set for their steepest weekly decline since March 2023, as the absence of significant supply disruption from the Iran-Israel conflict saw any risk premium evaporate. Brent crude futures rose 0.5 per cent to $US68.06 ($A103.86) a barrel while US West Texas Intermediate crude was up by the same amount to $US65.54 ($A100.01). Global shares have rallied helped by signs of progress in US-China trade talks, while the dollar held close to its lowest levels in more than three years. World stock markets have rallied to record highs this week, as traders took confidence from a ceasefire between Iran and Israel and markets stepped up bets for US rate cuts. A trade agreement between the US and China on Thursday on how to expedite rare earth shipments to the US was also seen by markets as a positive sign, amid efforts to end the tariff war between the world's two biggest economies. Asian shares hit their highest in more than three years in early trading, and US stock futures pointed to a firm start for Wall Street shares. The pan-European STOXX 600 index was up 0.8 per cent on the day, set for a 1.1 per cent weekly gain - its best week since mid-May. London's FTSE 100 was up 0.5 per cent and Germany's DAX gained 0.6 per cent. The MSCI World Equity Index touched a fresh record high and was set for a weekly gain of 2.8 per cent. The S&P 500 index is up just 4.4 per cent this year overall, following a volatile first half of the year, dominated by US President Donald Trump's "Liberation Day" tariff announcement on April 2, which sent stocks plunging. "What we are having right now is potentially some optimism about some trade deals," said Vasileios Gkionakis, senior economist and strategist at Aviva Investors. "We have... come from quite low levels in the aftermath of the Liberation Day in April. To a certain extent we have also had some mini-selloff on the back of the events in the Middle East, and in that sense we're rebounding." Trump has set July 9 as the deadline for the European Union and other countries to reach a deal to reduce tariffs. Mark Haefele, Chief Investment Officer at UBS Global Wealth Management said that in the near-term, the firm saw greater upside potential in US and emerging markets than in Europe. The dollar remained on the backfoot, hovering near its lowest level in three-and-a-half years against the euro and sterling. The dollar index was down a touch on the day at 97.269 , holding near its lowest in more than three years. The euro was at $US1.1708 ($A1.7867), getting a lift after data showed French consumer prices rose more than expected in June. It held near multi-year peaks hit a day earlier. "We see the US dollar as unattractive," said Haefele at UBS Wealth Management. Markets are focused on US monetary policy, as traders weigh up the possibility of Trump announcing a new, more dovish chair of the Federal Reserve. Traders have stepped up their bets on US rate cuts, and are now pricing in 64 basis points (bps) of easing this year versus 46 bps expected on Friday. The dollar is having its worst start to a year since the era of free-floating currencies began in the early 1970s. "I don't think it's just the repricing of the Fed, I think there is a broader issue here of some tarnishing of US exceptionalism," Aviva Investors' Gkionakis said. Core PCE price data, the US central bank's preferred measure of inflation, is due later in the session. German 30-year government bond yields were on track for their biggest weekly increase in nearly four months after rising this week on expectations of increased borrowing by Germany's government. Oil prices meanwhile rose but were set for their steepest weekly decline since March 2023, as the absence of significant supply disruption from the Iran-Israel conflict saw any risk premium evaporate. Brent crude futures rose 0.5 per cent to $US68.06 ($A103.86) a barrel while US West Texas Intermediate crude was up by the same amount to $US65.54 ($A100.01). Global shares have rallied helped by signs of progress in US-China trade talks, while the dollar held close to its lowest levels in more than three years. World stock markets have rallied to record highs this week, as traders took confidence from a ceasefire between Iran and Israel and markets stepped up bets for US rate cuts. A trade agreement between the US and China on Thursday on how to expedite rare earth shipments to the US was also seen by markets as a positive sign, amid efforts to end the tariff war between the world's two biggest economies. Asian shares hit their highest in more than three years in early trading, and US stock futures pointed to a firm start for Wall Street shares. The pan-European STOXX 600 index was up 0.8 per cent on the day, set for a 1.1 per cent weekly gain - its best week since mid-May. London's FTSE 100 was up 0.5 per cent and Germany's DAX gained 0.6 per cent. The MSCI World Equity Index touched a fresh record high and was set for a weekly gain of 2.8 per cent. The S&P 500 index is up just 4.4 per cent this year overall, following a volatile first half of the year, dominated by US President Donald Trump's "Liberation Day" tariff announcement on April 2, which sent stocks plunging. "What we are having right now is potentially some optimism about some trade deals," said Vasileios Gkionakis, senior economist and strategist at Aviva Investors. "We have... come from quite low levels in the aftermath of the Liberation Day in April. To a certain extent we have also had some mini-selloff on the back of the events in the Middle East, and in that sense we're rebounding." Trump has set July 9 as the deadline for the European Union and other countries to reach a deal to reduce tariffs. Mark Haefele, Chief Investment Officer at UBS Global Wealth Management said that in the near-term, the firm saw greater upside potential in US and emerging markets than in Europe. The dollar remained on the backfoot, hovering near its lowest level in three-and-a-half years against the euro and sterling. The dollar index was down a touch on the day at 97.269 , holding near its lowest in more than three years. The euro was at $US1.1708 ($A1.7867), getting a lift after data showed French consumer prices rose more than expected in June. It held near multi-year peaks hit a day earlier. "We see the US dollar as unattractive," said Haefele at UBS Wealth Management. Markets are focused on US monetary policy, as traders weigh up the possibility of Trump announcing a new, more dovish chair of the Federal Reserve. Traders have stepped up their bets on US rate cuts, and are now pricing in 64 basis points (bps) of easing this year versus 46 bps expected on Friday. The dollar is having its worst start to a year since the era of free-floating currencies began in the early 1970s. "I don't think it's just the repricing of the Fed, I think there is a broader issue here of some tarnishing of US exceptionalism," Aviva Investors' Gkionakis said. Core PCE price data, the US central bank's preferred measure of inflation, is due later in the session. German 30-year government bond yields were on track for their biggest weekly increase in nearly four months after rising this week on expectations of increased borrowing by Germany's government. Oil prices meanwhile rose but were set for their steepest weekly decline since March 2023, as the absence of significant supply disruption from the Iran-Israel conflict saw any risk premium evaporate. Brent crude futures rose 0.5 per cent to $US68.06 ($A103.86) a barrel while US West Texas Intermediate crude was up by the same amount to $US65.54 ($A100.01).
The Sun
a day ago
- Automotive
- The Sun
European shares climb as US-China trade tensions ease
EUROPEAN shares rose on Friday as investors assessed signs of easing trade tensions between the United States and China, lifting hopes of further trade deals before the deadline for U.S. tariff pause is lifted in July. The pan-European STOXX 600 index advanced 0.6% at 540.67 points, as of 0707 GMT. The index was on track to log its first weekly gain in three weeks. Other major regional indexes also traded higher. A White House official said on Thursday that the U.S. reached an agreement with China on how to expedite rare earths shipments to the United States. With worries about tensions in the Middle East taking a backseat for now, investor focus is on signs of progress on new trade deals before a respite on higher tariffs threatened by U.S. President Donald Trump expires in early July. EU leaders discussed new proposals from the U.S. on a trade deal at a summit in Brussels on Thursday. Commission President Ursula von der Leyen did not ruling out the likelihood of tariff talks failing, saying 'all options remain on the table'. European auto stocks led sectoral gains with a 1.5% climb. Media shares advanced 1.2%. German sportswear makers Puma and Adidas gained 4.3% and 2.9% respectively, after U.S. peer Nike's first-quarter revenue outlook exceeded market expectations. In U.S., investors await the release of the core PCE price index due later in the day.
