European Shares Rally As Trump Comments Help Ease Fed, Trade Worries
(RTTNews) - European stocks rose sharply on Wednesday after U.S. President Donald Trump toned down his rhetoric on Jerome Powell, saying he would like to see him be a little more active in terms of his idea to lower interest rates but have no intention to fire him.
Additionally, Trump also admitted that the 145 percent tariffs on China are "very high" and they will come down substantially.
Meanwhile, the euro held losses after data showed the euro zone manufacturing sector remained in contraction in April, with a PMI score of 48.7, beating the 47.5 estimate.
The bloc's services PMI fell to a five-month low of 49.7 from 51 in March.
Elsewhere, the flash U.K. composite PMI fell from 51.5 to 48.2, reflecting contractions in both the manufacturing and services sector.
The pan European STOXX 600 rallied nearly 2 percent to 517.81 after gaining 0.3 percent on Tuesday.
The German DAX surged 3.1 percent, France's CAC 40 added 2.3 percent and the U.K.'s FTSE 100 was up 1.6 percent.
Swedish truck maker Volvo gained nearly 2 percent despite first-quarter earnings missing analysts' expectations.
Dutch paint maker Akzo Nobel jumped 7 percent as Q1 core profit beat expectations.
Chipmaking parts supplier BE Semiconductor Industries soared 10 percent after reporting higher order bookings during the first quarter of 2025.
Fresnillo plummeted 6.5 percent after reporting about a 9 percent decline in silver production in Q1.
Consumer goods giant Reckitt Benckiser slumped 5 percent after missing first-quarter sales estimates.
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