European Shares Rebound
European stocks experienced an uptick on Wednesday, breaking a two-day decline as the STOXX 50 rose by 0.4% and the STOXX 600 increased by 0.5%. Steel manufacturers were among the top performers following the European Union's decision to reduce tariff-free quotas on imported steel and elevate tariffs on surplus imports from 25% to 50%. As a result, ThyssenKrupp shares surged by 5.6%, ArcelorMittal climbed 4.3%, and SSAB rose by 4.2%. Investor morale was further bolstered by recent corporate developments. Banking stocks garnered attention, particularly Lloyds, which rose by 2.6% amid reports suggesting potentially lower-than-anticipated compensation costs concerning unfair loan agreements. Additionally, ABB saw a 1.7% increase after SoftBank consented to acquire its robotics division. Conversely, the automobile sector underperformed, with BMW dropping over 4% after reducing its 2025 earnings forecast, and Mercedes-Benz experiencing a decline of around 3%. Meanwhile, technology stocks faced setbacks, as ASML Holding decreased by nearly 3% following news that U.S. lawmakers are advocating for broader restrictions on the export of chipmaking equipment to China.
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