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[BENGALURU] European shares ended at a three-week high on Friday (Apr 25), notching up their second straight weekly gain as signs of a potential de-escalation in the US-China trade war encouraged risk-taking.
The pan-European Stoxx 600 index closed 0.3 per cent higher and were up 2.7 per cent for the week.
China has exempted some US imports from its 125 per cent tariffs, according to businesses notified, in the latest sign that the two countries appear to be trying to ease trade tensions.
The White House has in recent days expressed willingness to negotiate with Beijing on tariffs. US President Donald Trump said in an interview that discussions with China were taking place, although Beijing denied this.
Teeuwe Mevissen, senior market economist at Rabobank, said a roller-coaster week for equities had been influenced by news about Trump’s take on the US central bank and the trade war.
Risk-taking was hit earlier this week when Trump repeatedly criticised US Federal Reserve Chair Jerome Powell, with markets questioning the independence of the US central bank, but he later backtracked from his criticisms.
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For the week, the basic resources sub-index was up 5.2 per cent on the back of the easing global trade tensions, which benefited copper prices.
The automobiles and parts index, sensitive to tariff-related moves, outperformed its peers by rising 5.7 per cent for the week.
Despite a 90-day pause to Trump’s sweeping tariffs, European Union members and other countries are still being hit by a broad 10 per cent tariff along with higher rates on steel, aluminium and cars.
On the day, European defences stocks and construction and materials stocks led sub-sector gains by rising about 1.8 per cent each.
French jet engine maker Safran jumped 4.2 per cent after it reported a stronger than expected rise in first-quarter revenue and said it was confident of hitting full-year targets, excluding any tariff impact.
The head of Safran said China had decided to grant exemptions from import tariffs for some aircraft parts, including jet engines.
Siemens added 3 per cent after Citi reinstated the German technology conglomerate as a “buy”, saying artificial intelligence-driven automation should put the company in a leading position.
Mapfre rose 8 per cent after the Spanish insurer said its net profit in the first quarter jumped 28 per cent.
Accor rose 6.3 per cent, the top gainer on France’s CAC 40 index, after Europe’s biggest hotel group by portfolio reported a larger than expected increase in first-quarter revenue.
On the flip side, shares in meal vouchers provider Edenred dropped 9.8 per cent, the worst performer on Stoxx 600 index, after reports of employee benefits regulation change in Brazil. REUTERS
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