European Markets Open Higher Despite Trade Tensions

European stock markets experienced an uplift at the opening on Wednesday, as investors kept a close watch on the escalating trade tensions between the EU and the US. In response to Washington's imposition of 25% tariffs on steel and aluminum imports, the EU has announced countermeasures amounting to up to €26 billion.

Corporate Earnings in Focus

Investors are also turning their attention towards the corporate earnings reports from major clothing retailers Inditex and Puma, alongside carmaker Porsche, seeking signs of resilience and growth amidst the current economic climate.

Market Performance

By 9:00 am CET, notable gains were observed across major indices. The French CAC 40 traded 0.83% higher, the Euro Stoxx 50 increased by 0.76%, the British FTSE 100 jumped by 0.27%, and the German DAX gained 0.94%.

Currency Movements

At 8:58 am CET, the euro was down 0.14% against the dollar, trading at $1.09025, while the pound sterling decreased by 0.16% against the US dollar to $1.29299.

More updates to follow...