European Shares Climb As US And China Reach Deal To Slash Tariffs

(RTTNews) - European stocks advanced on Monday after the U.S. and China struck a deal to suspend tariffs for 90 days and slash rates going forward, following negotiations in Switzerland over the weekend.

U.S. trade representative Jamieson Greer announced a 90-day pause on tariffs. The U.S. tariffs on Chinese goods will fall to 30 percent from 145 percent while Chinese duties on U.S. imports will fall to 10 percent from 125 percent, the two countries announced today. More details are still to be released.

The pan European STOXX 600 climbed 0.6 percent to 541.25 after rising 0.4 percent on Friday.

The German DAX jumped 0.8 percent, France's CAC 40 added 0.9 percent and the U.K.'s FTSE 100 was up 0.4 percent.

Semiconductor shares surged, with ASML Holding climbing nearly 5 percent and Infineon Technologies rising 6 percent.

UniCredit shares jumped more than 3 percent. The Italian lender raised its 2025 after posting a surprise increase in quarterly profit.

Technip Energies NV, a global technology and engineering powerhouse, surged 4.1 percent on share buyback news.

German steelmaker Salzgitter AG lost 4 percent after it slipped to a loss sin its first quarter on weak prices.

British online trading firm IG Group Holdings gained 1 percent after announcing a General Meeting to discuss a capital reduction plan.

Healthcare stocks were coming under selling pressure ahead of the announcement of a new U.S. pharma pricing policy.

AstraZeneca tumbled 3.4 percent, Hikma Pharmaceuticals lost 3.4 percent and GSK fell 2.5 percent.

On a light day on the economic front, U.K. recruitment activity remained weak at the start of the second quarter as demand for staff deteriorated amid the rise in the salary inflation due to the increases in the national minimum and living wage rates, a report compiled by S&P Global showed.