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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Azerbaijani President Ilham Aliyev and Armenian Prime Minister Nikol Pashinyan have concluded talks in Bishkek, the capital of Kyrgyzstan, as leaders gather for the Shanghai Cooperation Organisation (SCO) summit.
Iran has reached an understanding with Oman on transit arrangements through the Strait of Hormuz, but the waterway will remain closed until the U.S. fulfils its commitments, a senior Iranian diplomat said on Saturday.
U.S. forces struck two Iranian rocket launchers on Larak Island on Sunday, with Tehran responding by launching ballistic missiles at two U.S. bases in Jordan in the first direct U.S.-Iran military escalation in weeks.
Russia views NATO’s growing military activity in the Arctic as a direct threat to its national security, Foreign Minister Sergei Lavrov said.
At least 37 people were killed after a Russian drone strike hit an ammunition depot in the Kyiv region, triggering powerful secondary explosions President Volodymyr Zelenskyy said on Saturday, vowing to punish suspected negligence in the second such incident in two months.
Spanish Prime Minister Pedro Sanchez said on Monday there were signs that Russian and Israeli networks helped spread disinformation about Spain’s migration policy, contributing to last month’s unprecedented surge of migrants into Ceuta.
A gathering of G20 finance ministers and central bank governors in Asheville, North Carolina, was dominated by sharp disagreements over Russia's presence, as the world's leading economies face mounting geopolitical and economic pressures.
U.S. Vice President JD Vance has blamed the administration of former President Joe Biden for ammunition shortages within the U.S. military, arguing that years of insufficient defence spending left the armed forces under-resourced.
The death toll from last week's catastrophic floods in Nepal and Tibet rose to 939 on Monday, with 3,044 people still missing, as fresh rainfall pushed up river levels and forced rescuers to move to higher ground.
Recovery teams are continuing operations in Grand Canyon National Park after flash floods swept through parts of the canyon over the weekend, leaving one person dead and leading to the discovery of a second body that has yet to be recovered.
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