European stocks started the week on a strong note, with the STOXX 50 climbing 2.1% and the STOXX 600 gaining 1.9%, as traders reacted positively to President Trump's late-Friday announcement of a temporary pause on reciprocal tariffs for a range of tech and consumer electronics.
The pause includes the baseline 10% tariff on all countries although a 20% tariff on Chinese goods remains in effect. Trump also said he will still apply tariffs to phones, computers and popular consumer electronics and that details on a tariff rate for semiconductors would be announced soon.
Leading the gains were banks, basic resources, technology, oil and gas, and financial services sectors. On the corporate front, large companies recorded strong gains, including Novo Nordisk (3.4%), SAP (2.1%), LVMH (1.3%), Hermes (1.7%) and ASML Holding (2.8%).
Source: Trading Economics
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