European Stocks Rebound on Tariff Relief
European stocks saw a notable upswing on Monday, driven by the United States' decision to postpone the imposition of tariffs on the European Union. The Eurozone's STOXX 50 index surged by 1.3%, closing at 5,397, while the broader STOXX 600 across Europe climbed 1%, ending the day at 550. US President Trump announced that the anticipated 50% tariffs on EU goods, originally set to be enforced last Friday, would now be postponed until July. This development injected a sense of optimism into the markets concerning the potential to avert stringent trade tariffs. Concurrently, EU Commission President Ursula von der Leyen expressed hope that an agreement could be reached by the July 9th deadline. As a result, industries with significant exposure to US consumers rebounded from Friday's downturn. Automotive giants such as Stellantis, Volkswagen, BMW, and Mercedes-Benz experienced gains ranging from 2% to 5%, while Siemens saw an increase of 3%. Additionally, Novo Nordisk, outside the eurozone, reported a 4% rise.
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