In Europe, London and Frankfurt erased early losses to close higher after UK and EU leaders reached a series of defense and trade accords at a landmark summit, the first since Britain’s acrimonious exit from the European Union.
British Prime Minister Keir Starmer said leaders had agreed a “win-win” deal that his office said would add nearly £9 billion (US$12 billion) to the British economy by 2040.
The euro, meanwhile, strengthened despite a cut to the eurozone’s 2025 economic growth forecast due to global trade tensions sparked by Trump’s tariffs.
The European Commission said the 20-country single currency area’s economy should grow 0.9 per cent in 2025 – down from a previous forecast of 1.3 per cent – due to “a weakening global trade outlook and higher trade policy uncertainty”.
“Underpinned by a robust labour market and rising wages, growth is expected to continue in 2025, albeit at a moderate pace,” EU economy chief Valdis Dombrovskis said.
In company news, Walmart returned to the list of firms feeling a rollercoaster effect under Trump, after the US president slammed the retail giant for warning of price increases due to his tariffs.
Trump called on the company to “EAT THE TARIFFS” on social media, adding: “I’ll be watching.”
Walmart shares finished slightly lower on Monday.
