European Shares Rally As Trump Gives Tariff Breather To EU
(RTTNews) - European stocks opened on a buoyant note Monday as U.S. President Donald Trump delayed the roll out of 50 percent tariffs on the European Union to July 9 from June 1, following a call from EU Commission President Ursula von der Leyen.
"The EU and US share the world's most consequential and close trade relationship. Europe is ready to advance talks swiftly and decisively. To reach a good deal, we would need the time until July 9," Von der Leyen wrote on X.
The pan European STOXX 600 jumped 0.9 percent to 550.26 after falling 0.9 percent on Friday.
The German DAX climbed 1.6 percent and France's CAC 40 gained 1.2 percent while the U.K. markets were closed for the Spring Bank holiday.
Automakers topped the gainers list as tariff-related pressures eased.
BMW rose 1.3 percent, Mercedes Benz advanced 1.6 percent, Volkswagen added 1.4 percent and Renault rose 0.8 percent.
Luxury stocks such as LVMH, Kering and Richemont were up around 1 percent each.
Skanska AB rose over 1 percent on winning a contract to expand and renovate a correctional facility in Sweden for 1.3 billion kronor.
Austrian utility and environmental services company EVN AG rallied 3.4 percent after reporting solid first-half results and maintaining its full-year forecast.
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