European shares started the week positively on Monday, recovering losses from the previous session after U.S. President Donald Trump postponed his plan to impose a 50% tariff on European goods.
The STOXX 600 index rose by 1%, rebounding from Friday’s 0.9% drop caused by Trump’s surprise tariff threat. He pushed the tariff deadline back to July 9 from June 1, following a request from European Commission President Ursula von der Leyen for more time to negotiate a deal.
The auto sector, sensitive to tariffs, led gains with a 1.8% rise, despite a 3.3% fall in Porsche shares. Defence stocks also helped, with Rheinmetall and Leonardo up more than 3% each. The aerospace and defence index grew 1.7%, boosting industrial stocks by 1.5%.
German shares climbed 1.7%, nearing record highs thanks to strong performance in defence and auto companies. Luxury brands like Kering, LVMH, and Richemont also rose about 1%, lifting the luxury index.
UBS’s Mark Haefele cautioned that while the delay is good news, investors may be too optimistic about trade talks.
The euro strengthened, and government bond yields remained steady as Trump stepped back from his tariff threats. Concerns about a U.S. economic slowdown and recent credit rating downgrade by Moody’s have made investors wary of U.S. assets.
Swissquote analyst Ipek Ozkardeskaya said trade and geopolitical tensions have shifted investor sentiment away from the U.S. as a safe haven.
Trading volumes were low due to holidays in the U.S. and UK, but U.S. futures were up over 1%.
Notably, Thyssenkrupp shares surged 8.8% after reports the company will hold a shareholder vote in August on spinning off its warship division. Zealand Pharma led the STOXX 600 with a 10% gain.
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The Middle East conflict remains tense as diplomatic efforts continue alongside renewed Houthi attacks. Iran says it remains open to mediation, while the Saudi-led coalition says it intercepted a ballistic missile fired towards the kingdom.
Evacuations and the provision of humanitarian aid in the Russian-occupied southern Ukrainian town of Oleshky have begun, a senior Ukrainian official said on Friday. In a statement on Telegram, David Arakhamia said a six-day ceasefire was holding, and that more details would follow.
Qatari mediators returned to Tehran on Friday as part of efforts to reach a deal between the U.S. and Iran, according to an official briefed on the talks.
Russian President Vladimir Putin said Russia remains willing to rebuild relations with European countries but warned that any wider conflict on the continent would leave no winners, as he commented on recent diplomatic contacts with Nordic leaders and growing security concerns in the Baltic region.
Hackers have pulled off a staggering $6.3 billion cryptocurrency heist targeting Binance, shaking confidence in one of the world's biggest digital asset exchanges and sending crypto prices tumbling. U.S. analysts suspect North Korea was behind the attack.
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Deep divisions over Russia's war in Ukraine overshadowed a G20 foreign ministers' meeting in Atlanta on Friday, as European officials criticised Moscow's participation and refused to join a traditional group photograph with Russian Foreign Minister Sergei Lavrov.
The U.S. has approved the sale of 500 Patriot PAC-3 missiles to Ukraine in a deal worth an estimated $2.1 billion, but Kyiv could face years of delays before receiving the weapons it urgently needs to defend against intensifying Russian attacks.
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The death toll from the ongoing Ebola outbreak in the Democratic Republic of Congo has surpassed 5,000, according to government figures released on Friday, as health authorities continue to struggle to contain the country's worst-ever Ebola epidemic.
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