European Stocks Edge Up As Ceasefire Holds, Focus On Fed Independence
European stocks edged up on Thursday, helped by signs that an Israel-Iran ceasefire appears to be holding, while U.S. President Donald Trump’s latest criticism of the Federal Reserve chairman revived concerns over the central bank’s independence.
The pan-European STOXX 600 index opened up 0.3% at 538.75 points, as of 0707 GMT. Other major regional indexes were also trading higher. On Wednesday, Trump called Fed Chairman Jerome Powell “terrible” and said he had three or four people in mind as contenders for the Fed’s top job.
The Wall Street Journal reported that Trump has been toying with the idea of naming Powell’s replacement as early as September or October.
Trump’s chaotic tariff policies are once again in the spotlight as a July 9 deadline for a trade deal looms. European Union leaders will tell the European Commission on Thursday whether they prefer a quick trade deal with the U.S., even if it means giving Washington better terms, or to escalate the dispute in the hope of a more favorable outcome.
Meanwhile, on the global stage, Trump said Wednesday he would likely seek a commitment from Iran to end its nuclear ambitions at talks next week. European industrial miners opened with a 1.1% gain, while utilities opened a new tab up 0.8%. H&M shares opened up 5.3% after the Swedish fashion retailer reported slightly stronger second-quarter earnings, an encouraging sign as CEO Daniel Erver tries to reboot the brand and boost profitability. (alg)
Source: Reuters
