European Stocks Muted as Trump Pushes Putin-Zelenskiy Meeting
European equities stalled as Donald Trump pushed for a summit between Ukraine and Russia after meeting with Volodymyr Zelenskiy and European leaders.
The Stoxx Europe 600 Index was little changed at 8:17 a.m. in London. Mining and retail sectors outperformed, while health care and energy were the biggest laggards.
Defense stocks dropped after Trump pitched a one-on-one summit between Ukraine and Russia’s leaders, the latest move in the US President’s push to broker an end the war that has lasted over three years. Rheinmetall AG was down 2.4%, Leonardo SpA fell 2.8% and Hensoldt AG dropped 2.6%.
“If the stars align with regard to earnings, geopolitical progress, tariff certainty and rate cuts that would certainly be helpful for investor sentiment,” said Daniel Murray chief executive officer of EFG Asset Management in Switzerland.
European stocks have been range-bound after recovering from the tariff selloff in mid-May as investors worried about the outlook for economic growth and geopolitics. The benchmark remains about 1.5% below a March record high.
In other individual stocks, Coloplast A/S fell 2.3% after the Danish health care products producer reported net income for the third quarter that missed the average analyst estimate.
Attention later this week will be on the Federal Reserve’s Jackson Hole economic symposium for clues on the rates outlook.
Source: Bloomberg
