European stocks closed sharply higher on Friday, recovering from losses in the previous two sessions, as markets reassessed the impact of new US tariffs and how major European companies should navigate global tariff uncertainty. The Eurozone STOXX 50 rose 0.9% to 5,495, and the pan-European STOXX 600 gained 0.7% to 554.
Major bank stocks led the session's gains amid falling long-term bond yields in the currency bloc, supporting BBVA, BNP Paribas, Nordea, and Intesa Sanpaolo to gain more than 2%. Meanwhile, ArcelorMittal rose 3% on news that the European Commission plans to impose tariffs of 25%-50% on Chinese steel imports.
Pharmaceutical companies, on the other hand, underperformed after US President Trump announced 100% tariffs on patented products, pushing Novo Nordisk and Roche down 3.5% and 1%, respectively. Daimler shares also fell 1.9% amid the new 25% US tariff on heavy trucks. The STOXX 50 rose 0.7% this week, while the STOXX 600 remained unchanged. (alg)
Source: Trading Economics
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