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Stocks climb as US-EU trade tensions ease / Photo: © AFP
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Stocks climb as US-EU trade tensions ease
Wall Street shares bounced on Tuesday, catching up to a European rally after US President Donald Trump delayed huge tariffs on imports from the EU over the long holiday weekend.
New York's main stock markets all rebounded as trading resumed in New York after the Memorial Day weekend, with the broad-based S&P 500 gaining more than one percent and the tech-heavy Nasdaq up 1.4 percent.
The Frankfurt stock market rose 0.6 percent while Paris was flat in afternoon deals following Monday's rally in Europe.
Trump sent markets into a tailspin Friday when he threatened to hit EU goods with a 50 percent tariff from June 1, saying talks were "going nowhere".
But after a phone call Sunday with EU chief Ursula von der Leyen, Trump delayed the levies until July 9 to give more time for negotiations.
EU trade commissioner Maros Sefcovic said Monday following calls with top US officials that the bloc remains "fully committed" to reaching a trade agreement with the United States.
"This postponement has helped soothe tensions following last week's turbulence and is widely viewed as a temporary de-escalation in the ongoing trade dispute," said David Morrison, senior market analyst at financial services firm Trade Nation.
Analysts cautioned, however, that Trump's trade policies have been erratic.
"Donald Trump has rolled back so many times on tariffs, that the message does not hold as much weight these days," said Kathleen Brooks, research director at XTB trading platform.
The dollar, which has slumped since Trump launched his tariffs blitz last month, gained against other major currencies on Tuesday.
US long-term bond yields -- an indicator of government borrowing costs -- eased after also coming under pressure in recent weeks.
London's FTSE 100 index also rose after a long weekend.
In Asia, Hong Kong and Tokyo closed higher but Shanghai fell.
Oil prices fell slightly on the eve of the latest OPEC+ meeting to decide on crude output levels from the cartel and its partners, notably Russia.
- Key figures at around 1335 GMT -
New York - Dow: UP 0.8 percent at 41,934.80 points
New York - S&P 500: UP 1.0 percent at 5,862.35
New York - Nasdaq Composite: UP 1.4 percent at 18,992.71
London - FTSE 100: UP 0.7 percent at 8,776.85
Paris - CAC 40: FLAT at 7,829.08
Frankfurt - DAX: UP 0.6 percent at 24,167.28
Tokyo - Nikkei 225: UP 0.5 percent at 37,724.11 (close)
Hong Kong - Hang Seng Index: UP 0.4 percent at 23,381.99 (close)
Shanghai - Composite: DOWN 0.2 percent at 3,340.69 (close)
Euro/dollar: DOWN at $1.1366 from $1.1382 on Monday
Pound/dollar: DOWN at $1.3547 from $1.3563
Dollar/yen: UP at 143.98 yen from 142.81 yen
Euro/pound: DOWN at 83.90 pence from 83.91 pence
Brent North Sea Crude: DOWN 0.7 percent at $63.70 per barrel
West Texas Intermediate: DOWN 0.7 percent at $61.13 per barrel
burs-bcp-lth/cw
M.Kowalski--GL
