LONDON — European stocks were higher on Monday, with mining stocks rebounding as traders kept a close eye on a new trade dispute brewing between the U.S. and China.
The pan-European Stoxx 600
Mining stocks made gains, as Fresnillo advanced 9.4%, Aurubis rose 3.5% and Anglo American added over 3%, after U.S. President Donald Trump threatened China with a fresh wave of tariff increases to “financially counter” new export controls that China imposed on rare earth minerals.
China controls about 70% of the global supply of rare earths minerals, which are critical for high-tech industries, including automobiles, defense and semiconductors.
Trump on Sunday appeared to suggest in a Truth Social post that he might not follow through on his threat, however, posting that trade relations with China “will all be fine.”
Netherlands-headquartered semiconductor maker ASMLDutch government took control of Nexperia, a subsidiary of China’s Wingtech Technology
Meanwhile, Lloyds Bank
European autos were lower, with RenaultStellantisMercedes-Benzfacing legal action at the High Court in London over allegations they tried to cheat diesel emissions limits during tests using so-called ‘defeat devices.’
Elsewhere, AstraZeneca
In France, Prime Minister Sebastien Lecornu, who was reappointed on Friday after resigning Oct. 6, unveiled his new government, with Roland Lescure named finance minister. The government will attempt to present a fresh budget plans later Monday ahead of President Emmanuel Macron’s deadline.
Global markets
On Sunday, China said “we are not afraid of” a trade war with the U.S. and a spokesperson for the Ministry of Commerce accused it of a “double standard” with Trump’s promise on Friday to tack on additional 100% tariffs on Chinese imports.
Asia-Pacific markets fell overnight, as investors kept an eye out for any fallout from the renewed China-U.S. trade tensions. Meanwhile, U.S. stocks surged on Monday, rebounding from Friday’s sell-off after Trump’s attempt to reassure markets that there wouldn’t be a new trade war.
There are no major earnings or data releases on Monday but we’ll have the latest financial reports from the likes of ASMLLVMHNestle
Investors will also be watching for news from the IMF and World Bank annual meeting in Washington this week.
— CNBC’s Dan Mangan and Victor Loh contributed to this market report.
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