European Stocks End Session at One-Month Highs
The upward momentum comes even as Trump reaffirmed his August 1 deadline for imposing new tariffs on nearly 20 countries.
Quick overview
- Global stock markets experienced a rally on July 9, with significant gains in equity markets despite renewed trade tensions from U.S. President Trump.
- European banking shares led the charge, pushing the pan-European STOXX 600 index to its highest level since June 12.
- U.S. indices also saw gains, with the Nasdaq Composite rising by 0.8%, as optimism persisted despite looming tariff threats.
- The European Union indicated a potential preliminary trade agreement with the U.S. could be reached soon, amidst ongoing tariff discussions.
Global stock markets rallied on Wednesday, July 9, as investors brushed off renewed trade tensions driven by U.S. President Donald Trump.
Equity markets around the world posted solid gains, with banking shares leading the charge in Europe and tech stocks rising on Wall Street.
Europe: Banks Fuel Gains as Markets Hit Four-Week High
European equities closed at their highest level in a month, led by strong performance in the banking sector. The pan-European STOXX 600 index rose 0.8%, reaching its highest level since June 12. Meanwhile, Italy’s FTSE MIB—heavily weighted toward financials—climbed 1.6%, hitting its highest level since 2007.
This optimism came despite Trump’s announcement of a 50% tariff on copper imports and threats of duties up to 200% on pharmaceutical products. Although copper prices surged to all-time highs, equity markets appeared to downplay the implications.
Wall Street Advances; Nasdaq Up 0.8%
On Wall Street, U.S. indices also posted gains:
- Nasdaq Composite: +0.8%
- S&P 500: +0.5%
- Dow Jones Industrial Average: +0.4%
The upward momentum comes even as Trump reaffirmed his August 1 deadline for imposing new tariffs on nearly 20 countries and warned members of the BRICS bloc against pursuing “anti-American” actions.
U.S.–EU Trade Talks Continue Amid Tariff Threats
The European Union signaled that a preliminary trade agreement with the U.S. could be reached in the coming days. President Trump stated Tuesday that he was “two days away” from sending the EU a letter detailing tariff rates on European exports.
Currency and Commodity Moves
- U.S. Dollar Index: Little changed at 97.567
- Euro: Down 0.1%, trading at $1.1714
- Japanese Yen: Weakened sharply, as Japan—highly reliant on exports—remains one of the few major partners without a trade deal with Washington
- Gold: Reversed earlier losses, rising 0.3% to $3,312.08 per ounce
- Copper: Hit a new all-time high amid supply concerns and tariff speculation
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
Save