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European stocks rise after suspension of US tariffs on Mexico

2019-06-10 08:19 am | Resource: NEWS | No Views : 79

 European stocks rise after suspension of US tariffs on Mexico

Markets in Europe rose in early trade on Monday as the Frankfurt Stock Exchange closed on Monday. As trade tensions fell after the US president announced that the country would not impose a 5 percent tariff on all Mexican imports.

Trump said Washington had decided to suspend tariffs indefinitely after Mexico agreed to "take strong measures" to prevent illegal immigration across the southern border of the United States.

 Le Mer: business war to bring the global economic crisis

- The escalation of the US-China trade war will mean "an economic crisis all over the world, especially in Europe," French Finance and Economy Minister Bruno Le Mayer said. In an interview with CNBC, Le Maire insisted that the intense trade conflict between two leading global economies would have "a very direct and negative impact throughout the world, especially Europe and the euro area."

With regard to Huawei and Washington's invitation to their allies to prevent it, the minister said that France is not concerned with a particular company, but with its "national sovereignty" in general. Huawei is currently working on the 4G network in France, but Paris will be vigilant to ensure that the 5G technology does not violate citizens' rights.

Race as prime minister of the United Kingdom

Elsewhere, the next leader of the Conservatives in the UK officially began the day after the resignation of Prime Minister Teresa Mae. Candidates for the leadership will be closed later in the day and the first ballot will be held on Thursday.

Conservative MP Andrea Lidsom said on Monday she had secured the eight votes needed to run for her party's leadership.

In an interview with BBC Radio 4, Ledesum explained that she would seek "Britain's exit from the EU", which she argued was different from the non-dealing scenario because she would negotiate a free temporary FTA with the EU, which would "work like implementation."

Nominations for Conservative leadership are ending today. Eleven governors announced their intention to replace Teresa Mae as party leader and prime minister.

European Stocks Open
  • The CAC 40 index rose 0.48% at 9:14 CET. ArcelorMittal led gains, jumping 3.03% at 9:13 CET.
  • The FTSE 100 rose 0.43% at 9:13 CET. The best performer was Ocado Group, which rose 1.80% at 9:13 am after the company announced it had invested £ 17 million in the vertical agriculture industry.

The euro lost 0.24% against the dollar to sell at 1.1305 at 9:16 CET and the pound fell 0.19% against the US dollar to sell 1.2711 at the same time.

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