European shares rise as investors focus on earnings
The pan-European STOXX 600 index rose 0.3% to 548.84 points, as of 0731 GMT, and was on track for a second weekly gain.
Other major regional indexes, including the German DAX, France's CAC 40 and Britain's FTSE 100 also rose modestly.
Wall Street indexes touched record highs on Thursday after strong economic data and earnings reports showed American consumers remained willing to spend. [.N]
Swedish defence material maker Saab jumped 12.7%, the top gainer in the STOXX 600, after it posted higher-than-expected second-quarter earnings and raised its sales outlook.
Vestas Wind Systems gained 8.8% after J.P. Morgan upgraded the Danish wind turbine maker to "overweight" from "neutral".
On the flip side, GSK fell more than 6% after a U.S. FDA advisory panel recommended against approving its blood cancer drug Blenrep.
Swedish home appliances maker Electrolux slumped 14.6% after poor second-quarter performance in Europe and India's Reliance Industries said its retail unit acquired home appliance maker Kelvinator from Electrolux.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
6 minutes ago
- Yahoo
Trump tariffs live updates: Trump strikes deal with Japan, but EU digs in with over $100B counterattack
The European Union said on Wednesday it plans to hit the US with 30% tariffs on over $100 billion worth of goods in the event the two sides cannot reach a trade deal by Aug. 1. Bloomberg News reported the European Commission will combine $24 billion in approved tariffs with a proposed $83 billion US goods list into one countermeasure package that would hit everything from American whiskey to cars to Boeing (BA) planes. As the EU digs in, President Trump announced two more deals and finalized a third, most notably a pact with Japan. 'I just signed the largest deal in history with Japan," Trump said during the meeting. The president said the agreement includes a 15% tariff on imported goods from Japan, and the country will invest $550 billion into the US. Earlier on Tuesday, Trump said the US had also struck a trade deal with the Philippines, which will see the country's imports face a 19% tariff into the US. Trump said US exports will face no import tax in the Philippines as part of the deal. The White House also unveiled new details of a confirmed trade agreement with Indonesia too. Yahoo Finance's Ben Werschkul reported that a 19% tariff will apply to Indonesian goods, as well as a 40% rate on any 'transhipped' goods. US officials said no tax would apply to "99%" of US imports. The deal developments come as prospects for larger pacts with India, the EU, and Canada look increasingly in doubt. Trump has threatened 25% to 35% tariffs on those larger trade partners. Trump has also said he would soon send letters to over 150 smaller US trade partners, setting blanket tariff rates for that large group. Trump has already sent letters to over 20 trade partners outlining tariffs on goods imported from their countries. Treasury Secretary Scott Bessent on Tuesday said he expected many deals to take shape over the next several days. Read more: What Trump's tariffs mean for the economy and your wallet Here are the latest updates as the policy reverberates around the world. EU readies €100B no-deal plan to match US 30% tariff The European Union announced on Wednesday it plans to hit the US with 30% tariffs on over $100 billion worth of goods in the event that no deal is made and if President Trump decides to follow through with his threat to impose that rate on most of the bloc's exports after Aug. 1. A European Commission spokesman said that the first part of countermeasures would combine an already approved list of tariffs on $24 billion of US goods and a previously proposed list on an additional on $83 billion of American products into one package. The US exports, which would include goods such as Boeing (BA) aircraft, US-made cars and bourbon whiskey would all face heavy tariffs that match Trump's 30% threat. The tariffs would be prepared to come into force next month but only if there is no deal and the US implements its levies after the August deadline, said the people who spoke on condition of anonymity to discuss private deliberations. Bloomberg News reports: Read more here. The European Union announced on Wednesday it plans to hit the US with 30% tariffs on over $100 billion worth of goods in the event that no deal is made and if President Trump decides to follow through with his threat to impose that rate on most of the bloc's exports after Aug. 1. A European Commission spokesman said that the first part of countermeasures would combine an already approved list of tariffs on $24 billion of US goods and a previously proposed list on an additional on $83 billion of American products into one package. The US exports, which would include goods such as Boeing (BA) aircraft, US-made cars and bourbon whiskey would all face heavy tariffs that match Trump's 30% threat. The tariffs would be prepared to come into force next month but only if there is no deal and the US implements its levies after the August deadline, said the people who spoke on condition of anonymity to discuss private deliberations. Bloomberg News reports: Read more here. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
American Military News
7 minutes ago
- American Military News
Tensions High As EU Leaders Head To China For Pivotal Summit
This article was originally published by Radio Free Europe/Radio Liberty and is reprinted with permission. European Commission President Ursula von der Leyen and European Council President Antonio Costa will meet with the Chinese president and prime minister in Beijing on July 24 in what is expected to be a tense EU-China summit with the war in Ukraine and a potential transatlantic trade war looming large in the background. Brussels will raise the usual concerns about human rights in Tibet, Xinjiang, and Hong Kong with Beijing expected to quickly bat away any form of criticism. Instead, the most heated discussions will likely center around China's support for Russia's war in Ukraine and what the EU views as unfair Chinese trade practices, which have led to a ballooning deficit in Sino-European trade in favor of Beijing. Briefing the media before the summit, European Union officials underlined that the EU presidents are expected to be 'direct, open and constructive' but are also 'ready to defend our interest.' 50 Years Of Diplomatic Ties The summit was meant to celebrate 50 years of diplomatic relations between China and the bloc, but don't expect too many niceties or concrete deliverables of any kind. Given that both sides are keen to showcase their green credentials, there were hopes in the EU that they would at least agree on a common declaration on the climate, but it is very uncertain if even this will materialize. This stands in sharp contrast to the EU-Japan summit held the day before in Tokyo, where a 24-page declaration covering a broad policy agenda was expected, including progress on bilateral security ties and a rare earths deal. The key meeting to look out for in Beijing is the morning session, when von der Leyen and Costa will have a 'geo-strategic' discussion with Chinese President Xi Jinping. Have The Gloves Come Off Regarding Ukraine? Ukraine will take up a big part of the meeting, which comes just a few weeks after Chinese Foreign Minister Wang Yi told European diplomats in Brussels that his country could not accept a Russian defeat in the war. Brussels has long sought not to antagonize China too much on the issue, but the gloves appear to have come off, at least to a certain extent. EU officials now say openly that 80 percent of dual-use items used by Russia in its war effort originate from China. Brussels has also criticized Beijing's continued export of components like drone engines to Moscow. China has also been targeted — both directly and indirectly — in the latest EU sanctions package on Russia agreed last week. Several Chinese companies and a handful of financial institutions are now blacklisted, with the Chinese Commerce Ministry already criticizing the move. The fact that Brussels now feels confident and can find unanimity to target Beijing in this way is something new. New EU restrictions, such as a ban on refined petroleum products made from Russian crude oil and processed in third countries, are also expected to affect China indirectly. An EU official involved in summit preparations told RFE/RL that no major shift is expected in Beijing's 'no-limits partnership' with Moscow, but Brussels hopes for modest steps, such as tighter customs and financial controls on dual-use goods. Trade Deficit The afternoon discussion with Chinese Prime Minister Li Qiang will focus on the economic relationship and is expected to be equally delicate. The EU and China are each other's second biggest trading partners with trade reaching $2.3 billion daily. But it's the trade deficit that is irking Brussels. Compared to last year, it has doubled to the current $350 billion, with subsidies, procurement barriers, and export controls cited by the EU as real irritants. No major breakthroughs are expected in Beijing, but EU officials hope China might at least acknowledge the concerns and take steps to stimulate domestic demand or address imbalances. Brussels will also hint at possible reciprocal measures, referencing past actions against Chinese electric vehicles and dairy products. But the question is how far the bloc is really ready to go. It does rely on China for critical minerals and permanent magnets — items that are essential for pretty much all modern technologies. And, despite the EU's best efforts to strike new trade deals with the likes of Australia, India and Indonesia to 'de-risk' from China, the shortfall will not be covered immediately. Beijing knows this as well. And then there is the delicate issue of EU-US relations. Unless a deal can be found in the coming days, American tariffs of 30 percent will hit the EU on August 1 with Brussels poised to strike back with countermeasures on US products worth billions in a move that will derail transatlantic trade. One EU diplomat told RFE/RL that this was 'a prospect that has the Chinese rubbing their hands in sheer delight,' as Beijing has long sought to drive a wedge between Brussels and Washington. So, expect China in the next few days to very much push the narrative that it, together with Europe, now represents the rules-based international trade order and that the real distorter of commerce and protectionism isn't to be found in Beijing but in Washington. Depending on what is happening with the transatlantic trade talks, the EU might just be tempted by such rhetoric.
Yahoo
12 minutes ago
- Yahoo
India's economy holding up despite global uncertainties, central bank bulletin says
MUMBAI (Reuters) -India's economy continues to hold up against a global flux, dealing with the impact of geopolitical tensions and trade uncertainties, the Reserve Bank of India said in its monthly bulletin released on Wednesday. The RBI cut its key policy rate by a larger-than-expected 50 basis points last month and slashed the cash reserve ratio for banks as low inflation gave it room to focus on supporting growth amid volatile global conditions. India's economic activity remained resilient, helped by improving prospects for summer-sown crops, strong momentum in the services sector, and modest growth in industrial activity, the RBI said in its 'State of the Economy' article. "High-frequency indicators suggest stability in aggregate demand," the central bank said. India's retail inflation rate eased to 2.10% in June, a six-year low. "De-escalating geo-political tensions in the Middle East and optimism on trade deals" along with some loosening of regulatory norms for infrastructure financing buoyed financial market sentiment in the second half of June, the RBI said in the bulletin. However, in the first half of July, domestic investor sentiment remained cautious amidst ongoing uncertainty over a potential India-U.S. trade agreement and mixed corporate earnings in the quarter ending June, the central bank said.
