Europe's Trade Commissioner has ‘productive engagements’ over US deal
Kenneth Fox
Europe's Trade Commissioner says he has had a series of productive engagements throughout the week with his US counterpart.
On social media, Maroš Šefčovič says no time or effort spared - their focus is on securing a forward looking deal.
Both sides are under pressure to reach a deal before July 9th, when a series of reciprocal tariffs are due to come into force.
A series of productive engagements throughout this week with @USTradeRep Ambassador @jamiesongreer and Secretary @howardlutnick. No time or effort spared - our focus and priority remain clear: securing a forward-looking deal. pic.twitter.com/wyhuz1liLE
— Maroš Šefčovič🇪🇺 (@MarosSefcovic) June 20, 2025
It comes as European shares rose on Friday after declining for three straight sessions, as a stall in the United States' involvement in the Middle East conflict helped soothe investor concerns.
The pan-European STOXX 600 was up 0.6 per cent at 538.85 points. The benchmark is set to log a second consecutive weekly fall.
Israel and Iran's air war entered a second week and European officials sought to draw Tehran back to the negotiating table.
The White House said President Donald Trump will decide within the next two weeks about whether to join Israel in the war. That helped improve market sentiment, spurring some interest in risk assets that were sold off earlier in the week on uncertainty around how long the conflict would go on.
"The investors are taking a little bit more risk on their shoulders... it is perhaps because the U.S. is now giving itself two weeks and maybe some diplomatic opening window there to resolve the situation in Iran," said Ipek Ozkardeskaya, senior market analyst at Swissquote Bank.
Banks rose 1.3 per cent, leading broader gains.
Travel and leisure stocks SXTP were also up 1.3 per cent, led by a 4.8 per cent gain in Europe's largest travel operator TUI after Barclays upgraded the stock to "overweight" from "underweight".
Conversely, energy shares SXEP were at the bottom of the index with a 0.3 per cent decline but were headed for a weekly gain.
Investors also remain wary of the approaching July 8th tariff-pause deadline, with little progress on trade deals with Washington. European Commission President Ursula von der Leyen is still aiming to reach a deal by July 9th.
"Geopolitical tensions are kind of hiding the other worries in the market, which are trade negotiations being delayed with the U.S. occupied with what to do with the Middle East," said Ozkardeskaya.
Trump's tariffs have been a source of turmoil and volatility in the last few months, and have already begun to upend global supply chains and threatened economic growth.
Additional reporting Reuters
