European Stocks Climb Following EU's Retaliatory Tariffs

In a bold move, the European Union has announced counter tariffs worth €26 billion on goods imported from the United States, responding to the US's tariffs on steel and aluminum. This development has led to a surge in major European stock markets, with investors closely monitoring the situation.

Investors Eye Developments in Ukraine

Amidst the trade tensions, the European market is also keeping a close watch on the latest developments in Ukraine, particularly the potential for a 30-day ceasefire between Kiev and Moscow. This geopolitical concern adds another layer of complexity to the market dynamics.

Market Performance Highlights

The DAX index saw a significant increase of 1.62%, buoyed by Rheinmetall's remarkable 9.06% jump. Similarly, the Euro Stoxx 50 and CAC 40 indexes experienced gains, with Safran leading the charge with a 5.07% rise on both. The FTSE 100 wasn't left behind, with Melrose Industries contributing to a 0.53% increase after a 6.26% surge.

Currency Movements

On the currency front, the euro remained stable against the dollar, trading at $1.09156 by late afternoon CET. Meanwhile, the pound sterling strengthened by 0.21% against the dollar, reaching $1.29777 shortly after.