LIVE MARKETS-STOXX gets auto and drugs boost

Reuters
07-23
LIVE MARKETS-STOXX gets auto and drugs boost

STOXX 600 up 1%

Autos rally, leading gainers

Japan reaches trade deal

SAP, AMSI drop on earnings

Wall St futures edge up

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STOXX GETS AUTOS AND DRUGS BOOST, TECH DRAGS

A trade deal between Japan and the U.S. is clearly lifting spirits here in Europe, boosting local auto stocks .SXAP after Tokyo-listed rivals spiked over 10% on relief that Washington had agreed to lower tariffs on Japanese auto imports.

Whether Brussels will get a similar deal remains to be seen. But for now, traders are looking on the bright side, pricing in a more benign outcome for trade talks between the EU and the U.S.. Stellantis STLAM.MI, Volkswagen VOWG.DE and Mercedes MBGn.DE are all up over 5%.

Healthcare .SXDP, another sector in the crosshairs of Trump's tariff offensive, is also getting bid, up over 2%, with an extra boost from upbeat earnings at Lonza LONN.S in Zurich.

AstraZeneca AZN.L, which announced this week a $50-billion investment to expand manufacturing on the other side of the Atlantic, and Novo Nordisk NOVOb.CO, both rose around 3%.

Tech .SX8P was a weak spot, weighed down by disappointing updates from ASMI ASMI.AS and SAP SAPG.DE in Europe, and Texas Instruments TXN.O in the U.S.

As laggards showed strength, the FTSE 100 .FTSE in London inched up to a new record high, while Europe's region-wide STOXX 600 .STOXX gained more than 1%.

(Danilo Masoni)

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EARLIER ON LIVE MARKETS:

BEFORE THE BELL: JAPAN DEAL BOOSTS AUTOS, EARNINGS IN FOCUS CLICK HERE

SURPRISE JAPAN TRADE DEAL GETS OTHERS' HOPES UP CLICK HERE

eu open https://tmsnrt.rs/4eZzCRQ

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