European shares edge higher as ceasefire holds, Fed independence in focus
European shares edged higher on Thursday, aided by signs that the Israel-Iran ceasefire appeared to be holding, while U.S. President Donald Trump's latest criticism of the Federal Reserve chair revived concerns over the central bank's independence.
ADVERTISEMENT The pan-European STOXX 600 index was up 0.3% at 538.75 points, as of 0707 GMT. Other major regional indexes also traded higher.
On Wednesday, Trump called Fed Chair Jerome Powell "terrible" and said he has three or four people in mind as contenders for the top Fed job.
The Wall Street Journal reported that Trump has toyed with the idea of naming Powell's replacement as early as September or October.
Trump's chaotic tariff policies are once again in the spotlight as his July 9 deadline for trade deals approaches. European Union leaders will tell the European Commission on Thursday whether they prefer a quick trade deal with the U.S., even if it means conceding better terms to Washington, or to escalate the dispute in hopes of securing a more favourable outcome.
ADVERTISEMENT Meanwhile, on the global stage, Trump said on Wednesday he would likely seek a commitment from Iran to end its nuclear ambitions at talks next week. European industrial miners led sectoral gains with a 1.1% climb, while utilities advanced 0.8%.
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Shares of H&M gained 5.3% after the Swedish fashion retailer reported a slightly stronger second-quarter profit, an encouraging sign as CEO Daniel Erver tries to reboot the brand and improve profitability.
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