The euro zone bank index (SX7E) strengthened, with Société Générale (SOGN.PA) up 4% to a 14-year high. Defense stocks (SXPARO) climbed 1.4% to a record, as Germany’s Renk (R3NK.DE) gained 5% on spin-off rumors. Optimism stemmed from EU-U.S. trade talks, with the EU citing a potential framework deal "in days" and Trump extending negotiations to August 1, though he warned no further delays.
However, pressures lingered: Trump’s 50% copper tariff and upcoming semiconductor/ pharmaceutical duties weighed. Denmark’s Zealand Pharma (ZELA.CO) fell 2.7%, and Novo Nordisk (NOVOb.CO) slipped 1.5%. U.K. ad group WPP (WPP.L) plunged 18.8% after lowering profit guidance, dragging France’s Publicis (PUBP.PA) down 1.8%. Norway’s Kongsberg (KOG.OL) dropped 12% due to earnings irregularities, while EssilorLuxottica (ESLX.PA) rose 5.6% on news of Meta’s stake acquisition.
