Tech rally boosts European stocks after Trump’s exemptions

A rally in technology stocks helped European stock markets on Monday after U.S. President Donald Trump granted exemptions from China’s tariffs on mobile phones and computers, providing markets with some respite after a turbulent week of sharp fluctuations.

The pan-European STOXX 600 index was up 1.6% at 07:09 GMT, after posting its third consecutive week in the red on Friday.

Weeks of back-and-forth over tariffs have rocked global markets, dragging the benchmark index down roughly 12% from its all-time closing high.

Shares in chip-related companies Infineon, ASML, and BE Semiconductor rose between 3.5% and 4.5%.

European technology stocks gained 2.4%, while banks added 2.6%.

However, uncertainty remained, as Trump said Sunday that semiconductor tariffs would be announced over the next week and that a decision on smartphones would be made “soon.”

All regional indices were trading higher, with trade-exposed Germany gaining 1.7%, while France, Spain, and the UK rose between 1.4% and 1.7%.