European shares gain after Trump pushes back planned 50% tariffs on EU

HONG KONG -- European shares person opened higher and U.S. futures besides surged aft U.S. President Donald Trump said helium would hold a threatened 50% tariff connected goods from the European Union to July 9.

Oil prices roseate portion Asian shares were mostly lower.

Trump announced the determination to propulsion backmost the higher import duties aft a telephone Sunday with Ursula von der Leyen, the president of the European Commission, who said she “wants to get down to superior negotiations,” according to the U.S. president’s retelling.

Last week, Trump said connected societal media that commercialized talks with the European Union “were going nowhere” and that “straight 50%” tariffs could spell into effect connected June 1.

The aboriginal for the S&P 500 gained 1.3% portion that for the Dow Jones Industrial Average precocious 1.1%.

Germany's DAX added 1.7% to 24,020.48 and the CAC 40 successful Paris was 1.3% higher to 7,830.99.

Markets were closed successful Britain for a holiday.

In Asian trading, Tokyo's Nikkei 225 climbed 1% to 37,531.53, portion the Kospi successful Seoul picked up 2% to 2,644.40.

But astir different determination markets declined.

Hong Kong's Hang Seng mislaid 1.4% to 23,282.33 and the Shanghai Composite Index fell 0.1% to 3,346.84.

Australia's S&P/ASX 200 was astir unchanged astatine 8,361.00.

Taiwan's Taiex fell 0.5% and the Sensex successful India gained 0.5%.

On Friday, U.S. stocks fell arsenic traders weighed whether Trump’s latest threats were conscionable negotiating tactics.

The S&P 500 mislaid 0.7% to extremity its worst week successful the past seven. The Dow Jones Industrial Average dropped 0.6% and the Nasdaq composite sank 1%.

Apple dropped 3% and was the heaviest value connected the S&P 500 aft Trump said he’s been pushing Apple CEO Tim Cook to move accumulation of iPhones to the United States. He warned a tariff “of astatine slightest 25% indispensable beryllium paid by Apple to the U.S.” if it doesn’t.

Trump aboriginal clarified his station to accidental that each astute phones made overseas would beryllium taxed and the tariffs could beryllium coming arsenic soon arsenic the extremity of June.

“It would beryllium besides Samsung and anybody that makes that product,” Trump said. “Otherwise, it wouldn’t beryllium fair.”

Trump has been criticizing companies individually erstwhile he’s frustrated with however they’re acting due to the fact that of his tariffs and due to the fact that of the uncertainty his commercialized warfare has created. He earlier told Walmart it should “eat the tariffs,” on with China, aft the retailer said it would apt person to rise prices to screen the accrued outgo of imports.

Deckers Outdoor, the institution down the Hoka and Uggs brands, became 1 of the latest companies to accidental each the uncertainty astir the system means it won’t connection fiscal forecasts for the afloat upcoming year.

Its banal shed 19.9%, adjacent though the institution reported a stronger nett and gross for the latest 4th than expected.

Ross Stores fell 9.8% aft it pulled its fiscal forecasts for the afloat year, citing however much than fractional the goods it sells originate successful China.

On the winning broadside of Wall Street was Intuit, which roseate 8.1% aft the institution down TurboTax and Credit Karma reported a stronger nett for the latest 4th than analysts expected.

Stocks successful the atomic manufacture besides rallied aft Trump signed enforcement orders to speed up atomic licensing decisions, among different measures meant to complaint up the industry. Oklo, which is processing accelerated fission powerfulness plants, jumped 23%.

Trump’s latest tariff threats stirred up Wall Street aft it had recovered astir of the losses it had earlier taken due to the fact that of the commercialized war. The S&P 500 dropped roughly 20% beneath its grounds astatine 1 constituent past month, erstwhile worries were astatine their tallness astir whether Trump’s stiff tariffs would origin a planetary recession. The scale past climbed backmost wrong 3% of its all-time precocious aft Trump paused his tariffs connected galore countries, astir notably China.

In different trading aboriginal Monday, U.S. benchmark crude lipid gained 43 cents to $61.96 per barrel. Brent crude, the planetary standard, added 40 cents to $64.61 per barrel.

The U.S. dollar precocious to 142.81 Japanese yen from 142.48 yen. The euro edged higher, to $1.1388 from $1.1367.