European Markets Rebound After Trump Delays Tariffs

By Dow Jones Newswires StaffEuropean markets started the week in positive territory after President Trump agreed Sunday to delay a threatened 50% tariff on European imports until July 9, from June 1.In a social-media post Trump said he received a call from European Commission President Ursula von der Leyen requesting an extension after he threatened the duties on the 27-nation bloc Friday saying that talks were "going nowhere." In a statement on X, von der Leyen said the EU was "ready to advance talks swiftly and decisively."U.S. markets are closed for Memorial Day and London is closed for the Spring bank holiday.Asian stock markets were mixed as unease about Trump's policy shifts prevailed following the postponement of tariffs on the European Union and the threat of new duties on iPhones and other smartphones made overseas. Japan's Nikkei Stock Average was 1% higher, Hong Kong's Hang Seng Index was 1.4% lower and China's Shanghai Composite Index was down 0.08%.In Europe the STOXX 600 was up 0.8% and Germany's DAX rose 1.3%. The DAX's upward trend remains intact despite uncertainties, but the 24,000-point mark represents a significant hurdle in the near term, CMC Capital Markets' Jochen Stanzl wrote.The Wall Street Journal Dollar Index fell 0.1% to 95.24.The German 10-year Bund yield climbed by three basis points to 2.601% from 2.572%, and the yield on the 10-year Treasury was flat at 4.518%.Sterling rose to its highest in three years against a broadly weak dollar, helped by recent solid U.K. economic data and the U.K.'s better position with regard to U.S. tariffs compared with other countries. Sterling rose to a high of $1.3594, according to FactSet.Gold futures slid in volatile trading though prices remained elevated. Futures were down 0.9% at $3,334.60 a troy ounce, though they remained up more than 3% in the week to date. Oil prices rose on market relief, with Brent crude up 0.3% at $64.42 a barrel and WTI up 0.4% at $61.777 a barrel after Trump extended the deadline for tariffs on the European Union.Write to Barcelona Editors at [email protected]