European shares are higher Wednesday as investor focus shifts from the ongoing US-China trade tensions and turn to the upcoming OPEC and BOE meetings this week. Stocks were also supported by an agreement between France and Germany over close Euro Zone integration.
By 1400 BST, the EUROSTOXX 600 was 0.79% higher, while the EUROSTOXX 50 had gained 0.68%. Meanwhile, regional bourses were also positive. The German DAX rose 0.49%, the French CAC was up 0.31% and the Spanish IBEX was 1.23% in positive territory.
Investors look past continuing US-China tariff war
After falling in recent sessions, European stocks are higher, with investors opting to largely look past the ongoing import tariff dispute between the US and China, even though neither protagonist seems likely to back down.
And, the EU has added to the fray by announcing its own import tariffs on US goods will be in place from Friday. EU trade commissioner Cecilia Malmstrom said a number of US exports including blue jeans and bourbon would be hit with new import tariffs.
The development comes after the US confirmed the UK would be subject to its own steel import tariff plan. Malmstrom said that the EU “did not want to be in this position”.
“The unilateral and unjustified decision of the US to impose steel and aluminium tariffs on the EU means that we are left with no other choice,” she said.
EU stock movers
There were numerous notable stock movers Wednesday. The gainers included:
- UniCredit shares rising 2.81% to €14.87.
- Banco Santander shares up 2.53% at €4.78.
- Maersk shares 1.34% higher at DKK9,222.
- Colruyt shares 4.88% in the green at €47.28.
There were also, however, some stock fallers. Remy Cointreau shares fell 2.69% after a stock downgrade from Société Générale.
Engie shares, meanwhile, reversed earlier gains after the EU Commission ruled Luxembourg had to recoup €120 million in unpaid taxes from the French energy group.