European Shares Rise On US-EU Trade Deal Hopes
(RTTNews) - European stocks edged higher on Wednesday as investors waited for an update on the U.S.-EU trade deal.
The Financial Times reported that European Union negotiators are closing in on a trade deal with the U.S. that would cement higher tariffs than those granted to the U.K.
The pan European STOXX 600 was up half a percent at 548.25 after rising 0.4 percent in the previous session.
The German DAX surged 0.8 percent, France's CAC 40 rallied 0.9 percent and the U.K.'s FTSE 100 was marginally higher. In corporate news, WPP shares plunged 17 percent after the British advertising major trimmed its outlook for first half and fiscal 2025.
Close Brothers slumped 6.4 percent. The merchant banking group said it plans to scale back its premium finance division in a bid to cut costs and focus on its offerings for businesses.
Galliford Try Holdings rallied 2.6 percent. The construction group said it expects to report full year 2025 revenue and adjusted pre-tax profit slightly above the upper end of current market forecasts.
Energy services firm Hunting Plc climbed over 10 percent after reporting strong half-year results and launching a $40 million share repurchase program.
EssilorLuxottica soared nearly 6 percent after Meta Plaforms Inc. bought a minority stake in the world's largest eyewear manufacturer.
Germany's Renk advanced 3.8 percent amid reports that the military vehicle parts maker is considering options for civilian industrial business.
Banks such as Commerzbank, Deutsche Bank, BNP Paribas and Societe Generale were up 2-4 percent.
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