European stocks on Friday climbed as the imposition of tariffs by the US and China on billions of dollars of trade was absorbed calmly by markets, although concerns about the conflict escalating capped appetite for risk.
Traders were cheered by comments from the US ambassador in Berlin, who on Thursday told the bosses of Germany’s biggest automakers that Washington was calling on the EU to bring tariffs to zero on car imports — in exchange for equal treatment by the US.
That drove European car stocks sharply higher and dragged up wider markets, with the pan-European STOXX 600 on Friday rising 0.77 points, or 0.2 percent, to 382.36, a 0.6 percent increase from a close of 379.93 on June 29.
London’s FTSE 100 on Friday edged up 14.48 points, or 0.2 percent, to 7,617.70, but fell 0.3 percent from 7,636.93 a week earlier.
Germany’s DAX on Friday rose 31.88 points, or 0.3 percent, to 12,496.17, gaining 1.5 percent from a close of 12,306.00 on June 29.
Deutsche Bank AG rose on speculation of takeover bids.
Defensive stocks, including utilities and food companies, were among the gainers, underscoring the cautious mood.
“Trade war concerns have shot up to the top of our concerns for investors,” BlackRock Investment Institute chief multi-asset strategist Isabelle Mateos y Lago said in London.
“We have to be aware that we are only one tweet away from much broader tariffs becoming a reality,” she said, adding that investors were trimming back broad exposure to riskier assets.
Additional reporting by staff writer and agencies
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