Following news that the United States and China had reached an agreement to reduce reciprocal tariffs, European stocks increased on Monday, providing investors with some hope that a full-scale trade war could have been avoided.
Following discussions with Chinese officials in Geneva, US Treasury Secretary Scott Bessent informed reporters that tariffs will drop by more than 100 percentage points to 10% and that the two sides had agreed on a 90-day moratorium on measures.
Ipek Ozkardeskaya, senior market analyst at Swissquote Bank, stated, “European markets are riding with joy…except for the FTSE 100…that is under pressure due to its exposure to pharmaceutical companies.
With Germany’s benchmark DAX index reaching a fresh record high on Monday, European markets have recovered from their steep losses in early April thanks to signs of de-escalation between the US and China in recent weeks.
Speaking at a meeting with Caribbean foreign ministers and delegates in Beijing on Monday is Chinese Foreign Minister Wang Yi. Reuters Adidas and Puma, two German sportswear companies, had gains of 2.7% and 4.8%, respectively. Rise of European logistics companies Following the announcement of the agreement with Maersk, European logistics firms also saw increases of 11.6% and 12%, respectively.
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