European shares rise on US-Japan trade deal, EU talks in focus
rose on Wednesday, led by automobiles, after U.S. President Donald Trump revived hopes for a trade deal with the EU following an agreement with Japan.
The pan-European
STOXX 600 index
gained nearly 1% to 549.6 points, as of 0715 GMT, following three straight days of declines. Britain's blue-chip FTSE 100 rose for a fifth session to a record high.
Explore courses from Top Institutes in
Please select course:
Select a Course Category
Product Management
Project Management
Data Science
Artificial Intelligence
Operations Management
Digital Marketing
Finance
Technology
Healthcare
Cybersecurity
Design Thinking
Public Policy
Leadership
Others
Data Analytics
CXO
MCA
healthcare
others
MBA
Management
PGDM
Degree
Data Science
Skills you'll gain:
Product Strategy & Competitive Advantage Tactics
Product Development Processes & Market Orientations
Product Analytics & Data-Driven Decision Making
Agile Development, Design Thinking, & Product Leadership
Duration:
40 Weeks
IIM Kozhikode
Professional Certificate in Product Management
Starts on
Jun 26, 2024
Get Details
Skills you'll gain:
Product Strategy & Roadmapping
User-Centric Product Design
Agile Product Development
Market Analysis & Product Launch
Duration:
24 Weeks
Indian School of Business
Professional Certificate in Product Management
Starts on
Jun 26, 2024
Get Details
Skills you'll gain:
Creating Effective Product Roadmap
User Research & Translating it to Product Design
Key Metrics via Product Analytics
Hand-On Projects Using Cutting Edge Tools
Duration:
12 Weeks
Indian School of Business
ISB Product Management
Starts on
May 14, 2024
Get Details
Other regional indexes also traded higher with France's CAC 40 leading the pack with a 1.3% jump.
European
automobile stocks
led the broad-based rally with a 3.4% rise, tracking strength in Asian rivals. Porsche and Mercedes-Benz gained 7.6% and 5.8%, respectively.
Trump struck a trade deal with Japan that lowers tariffs on auto imports and spares Tokyo from punishing new levies on other goods in exchange for a $550 billion package of U.S.-bound investment and loans.
Live Events
The Japan deal included reduced 15% tariffs for auto exports to the U.S., down from 25% before.
Meanwhile, the prospects of an
EU-U.S. trade agreement
improved after Trump said on Tuesday that EU representatives would come for
trade negotiations
on Wednesday.
Among individual stocks,
Lonza shares
were among the top gainers, rising 5.4% after the Swiss company topped core profit forecast driven by its drug manufacturing business.
ASM International pressured technology stocks after the computer chip equipment maker reported second-quarter bookings below market expectations on Tuesday. Its shares fell 7.7%, the most among STOXX 600.
SAP fell 3.5% after the German software maker reported a positive second-quarter profit on cost cuts and increased demand but held off on increasing its full-year outlook.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
News18
27 minutes ago
- News18
Three Spectators Dead In Motor Rally Accident In France
Last Updated: Several witnesses of the accident were in shock, and nine individuals were taken to a psychological support unit established in the nearby village of Saint-Just. Three spectators lost their lives in central France on Saturday when a car driven by a 22-year-old woman racer veered off the road during an auto rally, authorities reported. The driver of the modified Peugeot 208 and her 51-year-old female co-driver were hospitalized, but their lives are not in danger, according to prosecutors. The incident occurred near the town of Ambert in central France at approximately 11 am (0900 GMT) on Saturday. Two men died on the spot, and prosecutors later announced that a third man, who was airlifted to the hospital, succumbed to his injuries. The deceased were identified as two brothers, aged 70 and 60, and a 44-year-old man, according to the public prosecutor's office, which has launched an investigation into involuntary manslaughter. Several witnesses of the accident were in shock, and nine individuals were taken to a psychological support unit established in the nearby village of Saint-Just. 'This is a tragedy for the world of racing," Joel Mathurin, the top government official for the department of Puy-de-Dome, told reporters at the scene. The road at the accident site is bordered by cornfields. Several hours after the crash, pieces of plastic and glass fragments were still visible, according to an AFP journalist. When asked if the victims were in an area closed to the public, Moisset stated she preferred to 'be cautious." 'It is still a little too early to be precise. The race was extremely well organised," she added. Initially, the prefect had indicated that the spectators struck by the car were in a restricted area marked off by red tape. The areas designated for the public are marked with green tape. Organised since 1965, the motor rally attracted 167 teams for its 32nd edition. In last year's rally, a race marshal died. Following the accident on Saturday, rally organisers issued a brief statement saying the race was halted at 10:49 am. All spectators were asked to leave the scene, and the event's award ceremony was cancelled. Dozens of firefighters and police were dispatched to the scene. The investigation is 'in its early stages," the prosecutor said. The Peugeot 208 car is to be examined. The road where the accident occurred, which is almost a straight line according to authorities, has been closed. The mayor of Saint-Just, Francois Chautard, noted that the rally had passed through his village in recent years. He mentioned seeing the 'dented" car as it was being towed away. 'I think the crash was violent," he said. With AFP Inputs view comments Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
&w=3840&q=100)
Business Standard
an hour ago
- Business Standard
India reserves right to retaliate if carbon tax hurts our exports: Goyal
Commerce and Industry Minister Piyush Goyal on Saturday said India will "react and retaliate" if the UK imposes a carbon tax in the future that harms domestic exports. The UK government in December 2023 decided to implement its Carbon Border Adjustment Mechanism (CBAM), starting in 2027. "As of now, no CBAM, we are a sovereign and a very powerful nation if anybody hurts our exports interest, we will react and hurt and retaliate or rebalance to make sure that our interest is not hurt," he told reporters when asked about the UK's proposed CBAM. "I can assure that no unilateral measure which hurts India can go away without a proportionate response from India," he added. Sources have said India flagged the issue during negotiations of the trade agreement. The comprehensive economic and trade agreement (CETA) was signed on July 24, with an aim to double bilateral trade by 2030. The issue is not in the pact, as Britain has not yet notified of the tax. Goyal added that the EU has also planned to impose CBAM, but it is going to hurt the European Union more.
Indian Express
an hour ago
- Indian Express
UK deal ‘gold standard' for FTAs; will retaliate if UK CBAM hurts India's interest: Commerce Minister Piyush Goyal
Commerce and Industry Minister Piyush Goyal on Saturday said the India-UK trade deal can serve as a gold standard for India's trade negotiations with other partners, as it opens India's doors for business while protecting sensitive sectors. He added that India will retaliate if the UK's carbon tax, set to come into effect on January 1, 2027, harms India's interests. 'Our effort is that the Indian industry gets preferential access over our competition, and I think this [UK FTA] can become a gold standard to ensure that India protects its sensitive sectors and opens the doors, particularly in highly labour-intensive sectors, and allows high-quality goods, technology and other products to come to India,' the minister said at a press briefing here. Goyal said most of India's free trade agreements (FTAs) are with countries that do not compete with India on anything, and that under the deal, the UK will be sending products which are in short supply in India. 'In every respect, this is an agreement which opens far greater opportunities for India than any other agreement,' the minister said. On concerns that the UK's Carbon Border Adjustment Mechanism (CBAM) could negate the tariff concessions India has received under the trade deal, Goyal said: 'Currently there is no CBAM in effect. So it cannot be addressed in the FTA. But India is a sovereign country, and if our export interests are hurt, we will react and retaliate, or 'rebalance'. I can assure everyone that no unilateral measure will go away without a proportionate response,' he said. 'There is a lot of opposition to CBAM in the EU as well, as the EU's cost of manufacturing and housing will become costlier, and so the sufferer will be the industry in the EU,' Goyal reiterated. A government official had said that India and the UK have arrived at a diplomatic understanding on CBAM, and that India will 'rebalance' the negative effect of CBAM by taking countermeasures. It has communicated its concern over CBAM in a 'note verbale'. However, the rebalancing measure is not part of the legal text, which has raised concerns over India's ability to address the CBAM issue legally. The Indian Express had reported on May 6 that CBAM was a major point of contention between the two countries and had been holding up the agreement. India had proposed a 'rebalancing mechanism' provision within the deal which would require the UK to compensate Indian industry for losses incurred due to the regulation. The paper reported that the 'rebalancing mechanism' article had been inserted into the 'general exceptions' chapter of the negotiating text between the two countries. This would have enabled India to claim compensation for its losses and ensure the UK does not raise a dispute against India at the World Trade Organisation (WTO). However, the UK likely did not agree to the same. Goyal said India and the UK plan to address the issue of critical minerals together, stating that 'concentration of certain supply chains in certain geographies' is a common problem, and both countries plan to work jointly on this. The India-UK Vision 2035, a document outlining the broader collaborative goals of the free trade agreement between the two, stated that both countries will work together to develop cutting-edge technology and research, building on the Technology Security Initiative. This will focus on future telecoms, artificial intelligence and critical minerals, laying the ground for future collaboration on semiconductors, quantum, biotechnology and advanced materials. To further cooperation in critical minerals, the two countries will also establish a UK-India Critical Minerals Guild to 'transform financing standards and innovation', according to a joint statement by the two. India has protected all sensitive sectors, including dairy, rice and sugar, in the free trade agreement with the UK, Commerce and Industry Minister Piyush Goyal said on Saturday. The pact will help boost exports of labour-intensive products like footwear, textiles, and gems and jewellery, he added. 'We have protected all the sensitive sectors of India… we have not opened those areas for the UK… Zero compromise and extensive benefits make it a phenomenal free trade agreement (FTA),' Goyal said. Ravi Dutta Mishra is a Principal Correspondent with The Indian Express, covering policy issues related to trade, commerce, and banking. He has over five years of experience and has previously worked with Mint, CNBC-TV18, and other news outlets. ... Read More
