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(Sharecast News) - European stocks managed to finish mostly higher on Tuesday despite rangebound trading for most of the session, as positive developments were reported in trade talks between the EU and US.
The Stoxx 600 rose 0.4% to 545.71, with markets across London, Frankfurt, Paris and Milan rising between 0.5% and 0.7%, tempered by more tepid gains of 0.1% in Madrid and Zurich.
The was the second straight gain for the pan-European benchmark index and its highest close since 16 June.
Nevertheless, the mood was still cautious, with traders waiting to see whether the EU will reach a deal with Washington on trade, a day after US President Donald Trump slapped a raft of new tariff threats on major Asian players such as Japan and South Korea.
According to Axel Rudelph, senior technical analyst at IG, "reports emerged that the US offered a proposal to the EU that would maintain a 10% baseline tariff". This seemed to lift sentiment somewhat across the continent in late-afternoon trading.
Trump also signed an executive order on Monday, extending the date on which the "reciprocal" tariffs will take effect to August 1, from the previous deadline of July 9. However, he said the new cut off date could be shifted if countries made proposals.
The only major economic news of the day was German trade data, which showed that exports fell more than expected in May with US demand down again as the rush to beat Trump's tariffs dissipated. Exports fell 1.4%, worse than the 0.2% decline predicted, with exports to the US dropping 7.7%.
Market movers
Luxury carmaker Porsche was higher despite reporting an 6% fall in first-half deliveries, with sales in China dropping by 28% compared with last year. The rate of decline eased slightly after an 8% reported year-on-year fall in the first quarter.
Swedish investment firm Kinnevik jumped after reporting a sharp improvement in year-on-year profit in the second quarter.
Zealand Pharma gained 3.5% after Barclays initiated coverage of the Danish biotechnology company with an 'overweight' rating.
Glencore was also a high riser in London as JPMorgan Cazenove resumed coverage of the miner with an 'overweight' rating following a two-year period of restriction relating to Viterra's merger with Bunge Global. Ladbrokes owner Entain also rallied after an upgrade to 'buy' at Bank of America.