European stock markets were broadly higher Thursday, amid a flurry of earnings and economic data and rising hopes of an end to the Russia-Ukraine war.
The regional Stoxx 600 index maintained positive momentum from earlier this week, when it marked three record closing highs, gaining another 0.74% by midday in London to hit another all-time intraday peak.
Markets held onto gains even as investors brace for a new swathe of tariffs to potentially be announced by U.S. President Donald Trump, who posted on social media in the early U.S. hours: “TODAY IS THE BIG ONE: RECIPROCAL TARIFFS!!!”
Those retaliatory duties are expected to hit every country which imposes import duties on the U.S., though exemptions for some sectors are reportedly being considered.
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In European markets, German technology conglomerate Siemens was among the top performers, up 5.6% after reporting better than expected first-quarter profits, despite a “significant decline” at its factory automation business.
However, the U.K.’s FTSE 100 dropped 0.58%, weighed down by declines in banking and oil and gas stocks. Shares of British bank Barclays were 5.4% lower, despite the lender posting a slight beat on full-year pre-tax profit and announcing a £1 billion ($1.25 billion) share buyback. Consumer goods giant Unilever was meanwhile down 7% on weaker sales growth figures than forecast.
Investors are also assessing figures from the Office for National Statistics which showed the U.K. economy grew by 0.1% in the fourth quarter, ahead of expectations for a 0.1% contraction.
“Fourth-quarter UK GDP wasn’t as bad as it could have been, though the details weren’t great … all of the increase in GDP across 2024 can be put down to population growth. GDP per capita actually fell slightly across the year,” ING developed markets economist, James Smith, said in a note.
The gains for markets also come as an end to the Ukraine-Russia war becomes a more distinct prospect.
U.S. President Donald Trump said on Wednesday that he had spoken to both Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskyy, and that both leaders wanted peace. He said he had ordered U.S. officials to begin talks immediately on ending the war.
