European stocks closed sharply higher on Wednesday (July 23), halting three previous trading sessions' declines, buoyed by speculation that the US might accept lower tariffs following a new trade deal with Japan. The Eurozone STOXX 50 rose 1.1% to 5,350, and the pan-European STOXX 600 gained 1.1% to 550.
President Trump lowered tariffs on Japan to 15% from an initial threat of 25%, despite no reports of substantial progress in trade negotiations between the EU and the US. Progress on auto tariffs with Japan, which has significant exposure to automakers, lifted shares of BMW, Stellantis, Mercedes-Benz, and Volkswagen by between 9% and 4%.
Meanwhile, Prosus rose 4.5% after renewing its share buyback program. UniCredit also jumped 3.5% after releasing its financial results, despite stating that resistance from Rome prompted the bank to cancel its acquisition of Banco BPM. On the other hand, SAP fell 4.3% on less ambitious guidance than expected, and Nokia slumped 7% after releasing its results. (alg)
Source: Trading Economics
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