European shares inch higher, supported by utilities and telecom
May 20 (Reuters) - European stocks edged up on Tuesday, with utilities and telecom firms leading gains as investors awaited updates on U.S. tariff policy that has raised concerns about health of the global economy.
The pan-European STOXX 600 index (.STOXX), opens new tab was up 0.2% by 0725 GMT, hovering at a seven-week high.
Utilities (.SX6P), opens new tab rose 1.1%, with Portugal's EDP Renovaveis (EDPR.LS), opens new tab climbing 3.5% after Deutsche Bank upgraded the stock to "buy" from "hold."
Shares of renewable energy firms Oersted (ORSTED.CO), opens new tab jumped 13.3% and Vestas Wind (VWS.CO), opens new tab 4% after U.S. President Donald Trump's administration lifted a month-old stop-work order on a major offshore wind facility planned off the coast of New York.
Broader markets also stabilised after a surprise downgrade by Moody's on U.S. sovereign credit late on Friday sapped risk appetite.
Investors are also awaiting any trade deals, with Trump's reciprocal tariffs set to kick in again in early July.
Among other stocks, Salmar (SALM.OL), opens new tab dropped 4% after the Norwegian salmon farmer reported lower-than-expected first-quarter operating profit.
In the UK, fast food chain Greggs (GRG.L), opens new tab, Upper Crust owner SSP Group (SSPG.L), opens new tab and distributor Diploma (DPLM.L), opens new tab climbed between 3.7% and 14.5% after reporting results.
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North Wales Chronicle
an hour ago
- North Wales Chronicle
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Glasgow Times
an hour ago
- Glasgow Times
Starmer and Reynolds meet US commerce secretary in push to implement trade deal
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Powys County Times
an hour ago
- Powys County Times
Starmer and Reynolds meet US commerce secretary in push to implement trade deal
Sir Keir Starmer has met the US commerce secretary as the Government continues to push for its American trade deal to come into force. The Prime Minister dropped in on a meeting between Howard Lutnick and Business Secretary Jonathan Reynolds in Downing Street on Tuesday. Mr Lutnick was in London for talks with China on resolving the trade war between Washington and Beijing, and Mr Reynolds took the opportunity to meet him in person to push for the UK-US trade deal announced last month to be implemented as soon as possible. The meeting follows talks between the Business Secretary and US trade representative Jamieson Greer in Paris last week. Under the terms of the agreement announced by Sir Keir and Donald Trump, the US will implement import quotas that will effectively eliminate tariffs on British steel and cut the levy on vehicles to 10%. But the deal has yet to be implemented and tariffs on both steel and cars remain at 25%, although the UK has been spared the increase on steel duties to 50% that Mr Trump imposed on the rest of the world last week. In a post on social media, Mr Reynolds said he had discussed 'progress on our trade deal – including UK autos and steel' with Mr Lutnick. UK officials remain hopeful that the deal will be implemented soon, but Tuesday's meeting does not appear to have moved the issue beyond both sides agreeing the need to move quickly. Speaking in the Commons last week, Sir Keir said he was 'very confident' that tariffs would come down in line with the deal 'within a very short time'. Implementing the deal will require the UK to pass legislation, likely to involve regulations rather than a full Act of Parliament, while the US will also need to create a legal mechanism to bring steel and vehicle quotas into effect.
