Some European markets closed today
The exterior of the Six Swiss Exchange in Zurich, Switzerland, on Aug. 22, 2019.
Stefan Wermuth | Bloomberg | Getty Images
Several European countries, including France, Belgium, Germany, Norway, the Netherlands and Switzerland, are observing the Christian holiday Ascension Day on May 29.
Most major markets will be open for trade through the holiday.
— Chloe Taylor
German defense firm Renk looks to struggling auto sector for new talent as it scales up
Tank parts maker Renk is eyeing up talent from the auto sector as it races to scale up and fuel growth in the wake of rising geopolitical tensions and soaring military spending.
Earlier this year Germany passed a historic fiscal package that enabled a steep increase in the defense spending capabilities of Europe’s largest economy. The 27-member state bloc is scaling up its defense efforts amid the war in Ukraine and the increasingly strained transatlantic security partnership.
Renk, a global leader in creating gear boxes for tanks, is among the defense firms that has seen its stock rally on the back of increased military spending. Its share price rose over 300% so far this year and its order book jumped 164% to 549 million euros ($622.3 million) in the first quarter.
Read the full story here.
— Lily Meckel
Global stocks on the rise after court halts Trump’s tariffs plans
European shares aren’t the only ones on the rise in the wake of the U.S. Court of International Trade’s Wednesday ruling.
Stocks listed in the Asia-Pacific region have been climbing overnight, while U.S. stock futures have jumped as investors cheer the blow to the U.S. president’s reciprocal tariffs rollout.
— Chloe Taylor
In case you missed it: Federal trade court strikes down Trump’s reciprocal tariffs
The U.S. Court of International Trade on Wednesday blocked steep reciprocal tariffs unilaterally imposed by President Donald Trump on scores of countries in April to correct what he said were persistent trade imbalances.
The ruling deals a potentially serious blow to the Republican president’s economic agenda and ongoing efforts to negotiate trade deals with various nations.
Read the full story here.
— Christina Wilkie, Erin Doherty, Lora Kolodny, Kevin Breuninger
Futures move higher after Trump’s tariffs blocked
Good morning from London. It’s just over an hour until European financial markets open, and equities listed in the region look set to move higher when trade kicks off.
Futures tied to the German DAX index were last seen trading 1.2% higher, while FTSE 100 futures gained 0.8% and those tied to France’s CAC 40 were up by 0.2%.
Pan-European Stoxx 600 futures have jumped 1.3%.
The moves come after the U.S. Court of International Trade on Wednesday blocked President Donald Trump from imposing his swathe of country specific tariffs — policies that could see some countries soon hit with import duties exceeding 40%.
— Chloe Taylor