On Wednesday, both the STOXX 50 and STOXX 600 indices edged up by 0.1%, reaching their highest levels in nearly a month. The primary market focus remains on US tariffs, with investors adopting a cautious approach amidst President Trump's recent threats and the potential escalation of trade tensions. The US President announced plans to levy an unexpectedly high 50% tariff on copper imports and intimated that recent progress on a trade deal with the EU might unravel. His ongoing frustration over EU-imposed taxes and penalties on US tech companies could result in the unilateral introduction of a new tariff rate in the next couple of days.
In corporate developments, UniCredit has increased its stake in Commerzbank to 20%, consequently boosting the shares of both banks by nearly 1.5%. Additionally, EssilorLuxottica experienced a 5% surge following reports that Meta has acquired just under a 3% stake in the company. On the downside, the mining sector faced declines, with Glencore's shares dropping 2.3% and Anglo American's falling by 2.2%, reflecting a decrease in copper prices in London.
