LIVE MARKETS-Steelmakers give a boost to European stocks
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STEELMAKERS GIVE A BOOST TO EUROPEAN STOCKS
European stocks extended gains after opening mixed on Wednesday with basic resource shares leading the gains while political turmoil in France and the auto index capped the gains.
Europe's STOXX 600 .STOXX is up 0.45%, with Paris blue chips .FCHI and Milan's .FTSEMIB up 0.7% each, with gains coming from basic resources sector .SXPP, which jumped 1% to a two-year high. Banks .SX7P are up 1% and defence stocks .SXPARO are up 0.9%.
Shares in European steel companies rose after the European Commission proposed cutting tariff-free steel import quotas by almost half as part of a plan to preserve viable steelmaking in the European Union.
Political worries in France put a break in the rally, with President Emmanuel Macron under mounting pressure to either resign or call a snap parliamentary election.
The auto and auto parts index .SXAP also added to the pressure. The index is down 1.7%, with Germany's BMW BMWG.DE dropping 7% after the carmaker cut its 2025 earnings forecast due to changed U.S. tariff assumptions and weaker-than-expected growth in the Chinese market.
The technology index .SX8P also fell more than 1% at the opening, and was last down 0.45%, with chip-related companies ASML ASML.AS and ASMI ASMI.AS leading declines after U.S. lawmakers called for broader bans on sales of chipmaking equipment to China.
(Joice Alves)
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