European stocks closed sharply higher on Monday after the U.S. voted to push back tariffs on the European Union back to their original date. The eurozone STOXX 50 closed 1.3% higher at 5,397 and the pan-European STOXX 600 gained 1% to close at 550.
U.S. President Trump said Friday's 50% tariffs on the EU would be delayed until July, and sounded a note of optimism about aggressive trade levies.
Consistently, EU Commission President Von der Leyen noted that a deal could be reached by the July 9 deadline. As a result, sectors with a large exposure to U.S. consumers outperformed and bounced back from Friday's losses. Stellantis, Volkswagen, BMW and Mercedes-Benz rose between 5% and 2%. Siemens, meanwhile, gained 3%. Outside the currency bloc, Novo Nordisk rose 4%. (alg)
Source: Trading Economics
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