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European stocks gain on U.S.-EU trade relief

European shares leaped in morning deals on Thursday following successful U.S.-EU trade negotiations, supporting shares in auto sector as investors also assessed a batch of financial results.

Photo: Reuters

The pan-European STOXX 600 index rose 0.6 percent, while Germany’s exporter-heavy DAX, which has been affected by uncertainty over global trade, jumped 1.5 percent.

European auto sector surged 1.7 percent. Overnight, the leaders of the U.S. and the EU eased the concerns over a transatlantic trade war as Donald Trump agreed to refrain from imposing tariffs on European vehicles.

Shares in Daimler gained just 1.3 percent in volatile trade after reporting weak second-quarter profit.

Airbus helped France’s CAC to rise 5.2 percent as the aerospace group posted strong second-quarter core profit.

Nokia led the decline among STOXX, falling almost 9 percent after posting sluggish profits, while Kion slid 7.7 percent.

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