LONDON — European stocks ended the day higher on Tuesday as traders digested the first executive orders signed by newly inaugurated President Donald Trump.
The pan-European Stoxx 600DAXhitting a record high, ending up 0.24%.
Shares of offshore wind developer Orsted
At the other end of the index, Swedish online bank Avanza shares gained 13% after the firm announced a full-year operating profit of 2.6 billion Swedish krona ($240 million) — a 14% year-on-year increase.
Meanwhile, European automakers Stellantis and BMW
Trump — whose second term in office began Monday following his inauguration as the 47th president of the U.S. — has threatened to impose fresh tariffs on U.S. imports and promised to “put America first.” After the inauguration ceremony, Trump signed some of his first executive orders before an audience of 20,000 supporters at the Capital One Arena in Washington.
However, U.S. stocks rose on Tuesday as Wall Street digested Trump’s comments on tariffs and judged them to be a little softer than initially thought.
Back in Europe, private sector wages in the U.K. rose 6% in the three months to November, compared to the previous year, the Office for National Statistics said Tuesday. The agency also revealed that November payroll figures fell by 0.1% compared to October, pointing to a weakening labor market. The two data indicators together give the Bank of England’s rate-setters a mixed picture of the state of the economy.
In Davos, Lloyds Banking Group Chief Executive Charlie Nunn told CNBC’s Squawk Box Europe that the lender expects three cuts to interest rates in 2025 from the Bank of England, in line with the interest rate swaps market. Lloyds is one of the largest mortgage lenders in the U.K.
In other news, European investors were keeping an eye on the World Economic Forum in Davos, Switzerland. The annual event, which attracts heads of government and business leaders from around the world, stepped up a gear on Tuesday.
While some are skipping Davos — the leaders of China, India and a number of key European leaders are absent this year — Trump is due to address participants via videolink on Thursday.
Follow CNBC’s WEF live blog here
Elsewhere, Austria’s Raiffeisen Bank International, the biggest Western bank in Russia, said Monday it will set aside funds after a Russian court made a 2 billion euros ($2.08 billion) ruling against it.
In corporate news, German sportswear brand Adidas
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