Europe open: Stoxx makes strong start on EU-US trade deal.
European shares opened strongly on Monday after the US and European Union finally agreed a trade deal.
Source: Sharecast
The pan-regional Stoxx 600 index was up 0.89% in early deals at 554, while Germany’s DAX rose 0.79% and France’s CAC 40 1.17%.
The deal between the two trading partners on Sunday means that the US will impose a 15% tariff on most EU imports, including autos, halving the 30% rate threatened by US President Donald Trump.
Steel and aluminium still face 50% tariffs – but this will now only apply above certain quotas.
Aerospace parts, some chemicals and raw materials will be exempt from any duties, while the EU will also agree to buy $750bn in US energy, and more military equipment.
As expected, shares in auto and computer chip makers gained on the news. With car parts maker Valeo up, along with BESemiconductor and ASML Holding.
Reporting by Frank Prenesti for Sharecast.com
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