European Stocks Close Higher
European stocks experienced a turnaround from early losses to end on a positive note on Tuesday, buoyed by a rebound in U.S. equities as investors evaluated the potential impact of reduced trade with the U.S. on major European corporations. The Eurozone's STOXX 50 index rose by 0.4%, closing at 4,956, while the pan-European STOXX 600 increased by 0.2% to settle at 508. Notably, auto manufacturers saw significant gains, with Mercedes Benz, BMW, and Volkswagen each posting a rise of more than 2%. Meanwhile, the banking sector showed strength, as BNP Paribas, Intesa Sanpaolo, and ING each rose approximately 1.5%, although UniCredit fell nearly 3% after the Italian government imposed restrictions on its attempt to acquire Banco BPM. On the earnings front, L'Oreal surged over 6% following the release of strong financial results. Beyond the Eurozone, Novo Nordisk plunged more than 7% after U.S. competitor Eli Lilly announced robust results for its new weight-loss medication.
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