European stock markets saw substantial gains on Wednesday afternoon. The STOXX 50 increased by 1.1%, and the STOXX 600 climbed approximately 0.8%, reaching levels not observed in almost a month. The market's primary focus remains on US tariffs, especially following the US President's announcement of a 50% tariff on copper imports, which was higher than anticipated. Furthermore, despite recent progress in trade discussions with the EU, the President expressed continued dissatisfaction with EU-imposed taxes and penalties on US technology firms. As a result, he hinted at the possibility of introducing a new tariff rate within the next two days.
Meanwhile, the aerospace and defense sector achieved a new all-time high, and the banking sector rose to its highest point in 17 years. EssilorLuxottica saw its shares surge by over 5%, emerging as one of the top performers following reports that Meta acquired just under a 3% stake in the company. Likewise, UniCredit's stock climbed by 3.7% due to an increased stake in Commerzbank, taking it to 20%. Conversely, mining stocks faced declines. Glencore dropped by 2.3% and Anglo American fell 2%, coinciding with a decrease in copper prices.
