European stocks bounced back on Monday, with the STOXX 50 and STOXX 600 closing about 0.5% higher at new records, boosted by a surge in defense stocks amid expectations of increased defense spending by European governments. European leaders meet in Paris today to discuss Russia's invasion of Ukraine and formulate a response after the U.S. signaled limits to its support for Ukraine. Meanwhile, U.S.-Russian negotiations on the Ukraine war are set to begin this week in Saudi Arabia, although uncertainty persists over Ukraine's participation, and European countries were not invited. Also, President Trump reiterated plans to impose tariffs on foreign cars starting April 2. Among sectoral moves, defense stocks outperformed, with Rheinmetall jumping 14.5%, Leonardo up 8.1% and Saab jumping more than 16%. Autos also traded higher, with Mercedes-Benz up 0.2% and BMW up 1.3%. (Newsmaker23)
Source: Trading Economics
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